• Genie Energy Announces Third Quarter 2023 Results

    Source: Nasdaq GlobeNewswire / 06 Nov 2023 07:30:00   America/New_York

    Revenue increased 54% year-over-year to a quarterly record $125 million

    Increased 2023 Adjusted EBITDA1 guidance to $52 million to $57 million (versus prior guidance of $47 million to $55 million)

    Year-over-year RCE and meter growth of 49% and 42% respectively

    Newark, NJ, Nov. 06, 2023 (GLOBE NEWSWIRE) -- Genie Energy, Ltd. (NYSE: GNE), a leading retail energy and renewable energy solutions provider, today announced results for the third quarter ended September 30, 2023. 

    Michael Stein, chief executive officer of Genie Energy, commented:

    "Our third quarter results were highlighted by record quarterly revenue and the strong bottom-line performance of our domestic energy supply business. In the year-ago quarter, in light of that period's unprecedented market volatility, we adjusted our commodity management strategy, curtailed customer acquisitions, and exited our European business to maximize profit and cash flow. This year's third-quarter results reflect the underlying strength of our domestic retail business under normalized market conditions and our successful efforts this year to add new retail customers with favorable economics.

    "On a consolidated basis, our robust bottom-line results in the third quarter drove a 24% increase in cash flow from operations which further fortified our balance sheet. We closed the quarter with cash, restricted cash and marketable equity securities of $143.8 million.

    "As a result of our strong performance year to date and overall 2023 outlook, we are increasing our previous consolidated 2023 Adjusted EBITDA guidance range of $47 to $55 million to $52 to $57 million. This range increase reflects our strong third quarter and continued optimism about the business as we head into winter.

    "Genie Renewables continues to expand its solar project development pipeline as we execute on our growth strategy - evaluating additional candidates for our solar project pipeline while advancing the current portfolio through the development cycle. At September 30th, our pipeline comprised 17 projects aggregating 114MW, including two projects under construction totaling 10MW."

    Third Quarter 2023 Highlights
    (Versus 3Q22 unless otherwise noted. Excludes discontinued operations of Genie Retail Energy International (GREI) for all periods unless otherwise noted.)

     ●Revenue increased 53.8% to $125.0 million from $81.3 million;
     ●Gross profit decreased 4.8% to $41.1 million and gross margin decreased to 32.9% from 53.1%;
     ●Income from operations decreased 24.0% to $17.9 million and
     ●Adjusted EBITDA1 decreased 24.3% to $18.5 million;
     ●Net income from continuing operations attributable to Genie common stockholders decreased to $14.8 million from $22.3 million and diluted income per share EPS from continuing operations decreased to $0.54 from $0.85;
     ●Net income attributable to Genie common stockholders decreased to $14.5 million from $18.3 million and diluted EPS decreased to $0.53 from $0.70;
     ●Net income and EPS attributable to Genie common stockholders included a loss from discontinued operations of $0.3 million, or $0.01, compared to a loss of $3.9 million or $0.15;
     ●Cash, restricted cash and marketable equity securities increased to $143.8 million at September 30, 2023, from $115.1 million at June 30, 2023;
     ●Genie Energy will pay a $0.075 per share quarterly dividend to Class A and Class B common stockholders on or about November 21, 2023, with a record date of November 13, 2023;
    1Adjusted EBITDA for all periods presented is a non-GAAP measure intended to provide useful information that supplements the core operating results in accordance with GAAP of Genie Energy or the relevant segment. Please refer to the Reconciliation of Non-GAAP Financial Measure at the end of this release for an explanation of Adjusted EBITDA, as well as reconciliations to its most directly comparable GAAP measure.


    Select Financial Metrics*

      Three Months Ended September 30,     
    (in $M except for EPS)** 3Q23  3Q22  Change  
    Total Revenue $125.0   $81.3    53.8 % 
    Genie Retail Energy $120.3   $79.9    50.5 % 
    Genie Renewables $4.7   $1.4    246.2 % 
    Gross Margin  32.9 %  53.1 %  (2,020)bps 
    Genie Retail Energy  33.9 %  54.1 %  (2,020)bps 
    Genie Renewables  5.3 %  (6.3)%  1,160 bps 
    Income from Operations $17.9   $23.5    (24.0)% 
    Operating Margin  14.3 %  29.0 %  (1,470)bps 
    Net Income from Continuing Operations $14.5   $17.4    (16.8)% 
    Net Loss Attributable to Discontinued Operations $(0.3)  $(1.5)   (79.1)% 
    Net Income Attributable to Genie Energy Ltd. Common Stockholders $14.5   $18.3    (21.0)% 
    Diluted Earnings Per Share $0.53   $0.70    (24.3)% 
    Adjusted EBITDA1 $18.5   $24.5    (24.3)% 
    Cash Flow from Continuing Operating Activities $28.0   $22.5    24.4 % 


     *GREI operations were classified as a discontinued operation in 2022 and its results are excluded from current and historical results
     **Numbers may not add due to rounding


    Segment Highlights

    Genie Retail Energy (GRE)

    GRE revenue increased 50.5% to $120.3 million from $79.9 million driven by strong customer acquisitions during the first half of 2023. Income from operations decreased 19.7% to $22.0 million, and Adjusted EBITDA decreased 19.5% to $22.3 million, reflecting GRE's elevated gross margins in the year-ago quarter.

    Meters and RCEs served increased year-over-year by 114,000 and 124,000 to 385,000 and 375,000, respectively, as of September 30, 2023. Average monthly churn decreased to 4.4% in 3Q23 from 4.7% in 3Q22 and increased from 4.3% in 2Q23.

    Genie Retail Energy (GRE) Select Performance Metrics

    RCEs and Meters in 1000s* 3Q23  3Q22  Change 
    Total RCEs  375   251   49 %
    Electricity  298   174   71.3 %
    Natural Gas  77   77   (0.1)%
    Total Meters  385   271   42.2 %
    Electricity  304   193   57.2 %
    Natural Gas  81   77   4.9 %
    Gross Adds  60   33   81.3 %
    Churn  4.4%  4.7%  (30)bps


    *Numbers may not add due to rounding

    Genie Renewables (GREW)

    GREW increased third quarter revenue year-over-year, driven by growth at Genie Solar, Diversegy, and CityCom Solar. A reduction in the value of solar panels held in inventory at Genie Solar due to delayed in-project timelines impacted GREW's results. 

    Genie Solar continued to advance its project development pipeline during the third quarter. At September 30, Genie Solar's pipeline comprised 17 potential projects totaling 114MW in development.

    Pipeline Total Site Control Permitting Construction
    MW 114 97 6 10
    Project Count 17 14 1 2

    Balance Sheet and Cash Flow Highlights

    As of September 30, 2023, Genie Energy reported cash, restricted cash and marketable equity securities of $143.8 million, an increase from $115.1 million at June 30, 2023.

    Total assets as of September 30, 2023 were $315.7 million. Liabilities totaled $108.3 million, and working capital (current assets less current liabilities) totaled $164.5 million. Non-current liabilities were $2.5 million.

    Net cash provided by operating activities was $28.0 million compared to $22.5 million a year ago.

    Trended Financial Information:*

    (in $M except for EPS, RCEs and Meters)** 1Q22  2Q22  3Q22  4Q22  1Q23  2Q23  3Q23  2021  2022   TTM 
    Total Revenue $85.9   $66.9  $81.3   $81.4  $105.3  $93.5  $125.0   $323.3  $315.5  $405.2 
    Genie Retail Energy $83.9   $63.2  $79.9   $77.0  $101.4  $89.7  $120.3   $311.8  $304.0  $388.5 
    Electricity $59.4   $53.1  $73.8   $55.6  $74.5  $80.2  $114.0   $273.0  $241.8  $324.3 
    Natural Gas $24.5   $10.1  $6.2   $21.4  $26.9  $9.0  $5.0   $38.8  $62.1  $62.3 
    Others $0.0   $0.0  $0.0   $0.0  $0.0  $0.6  $1.3   $0.0  $0.0  $1.9 
    Genie Renewables $2.0   $3.8  $1.4   $4.4  $3.9  $3.7  $4.7   $7.5  $11.6  $16.7 
    Gross Margin  54.8%   44.5%  53.1 %  42.7%  31.6%  40.9%  32.9 %  28.3%  49.1%  36.4%
    Genie Retail Energy  55.5%    45.9%  54.1 %  44.4%  32.1%  41.8%  33.9 %  29.1%  50.3%  37.3%
    Genie Renewables  25.7%    21.6%  -6.3 %  12.4%  19.3%  19.6%  5.3 %  37.1%  15.6%  95.6%
    Income from Operations $27.0   $11.8  $23.5   $15.5  $11.3  $15.0  $17.9   $24.1  $77.7  $59.7 
    Operating Margin  31.4%    17.6%  29.0 %  19.0%  10.7%  16.1%  14.3 %  7.5%  24.6%  14.7%
    Net (Loss) Income Attributable to Discontinued Operations $(1.9)  $29.3  $(1.5)  $4.5  $3.1  $3.2  $(0.3)  $11.7  $30.4  $10.4 
    Net Income Attributable to Genie Energy Ltd. Common Stockholders $17.5   $33.9  $18.3   $16.2  $14.3  $15.0  $14.5   $27.5  $27.5  $59.9 
    Diluted Earnings Per Share $0.67   $1.30  $0.70   $0.59  $0.54  $0.57  $0.53   $1.05  $3.26  $2.2 
    Adjusted EBITDA $28.0   $12.2  $24.5   $18.5  $12.4  $15.8  $18.5   $27.8  $83.2  $65.2 
    Genie Retail Energy Performance Metrics                                        
    RCEs  260    263   251    262   352   380   375    260   262   375 
    Electricity  182    185   174    181   276   304   298    189   181   298 
    Natural Gas  78    77   77    81   77   76   77    71   81   77 
    Meters  286    280   271    275   349   381   385    285   276   385 
    Electricity  209    203   193    196   271   302   304    210   197   304 
    Natural Gas  77    77   77    79   78   80   81    75   79   81 
    Gross Adds  44    34   33    47   129   75   60    177   159   311 
    Churn***  4.5%   4.4%  4.7 %  5.5%  4.4%  4.3%  4.4 %  4.5%  4.8%  4.6%


     *GREI operations have been classified as a discontinued operation and its results excluded from current and historical results
     **Numbers may not add due to rounding
     ***Excludes expiration of low margin aggregation deals

    Earnings Announcement and Supplemental Information

    At 8:30 AM Eastern this morning, Genie Energy’s management will host a conference call to discuss financial and operational results, business outlook, and strategy. The call will begin with management’s remarks, followed by Q&A with investors.

    To participate in the conference call, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and provide the following participant access code: 383695.

    Approximately three hours after the call, a call replay will be accessible by dialing 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and providing the replay passcode: 49300. The replay will remain available through Monday, November 20, 2023. In addition, a recording of the call will be available for playback on the “Investors” section of the Genie Energy website.

    About Genie Energy Ltd.

    Genie Energy Ltd., (NYSE: GNE) is a retail energy and renewable energy solutions provider. The Genie Retail Energy division supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division is a vertically-integrated provider of commercial, community, and utility-scale solar energy solutions. For more information, visit Genie.com.

    In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

    Contact:

    Brian Siegel IRC, MBA
    Senior Managing Director
    Hayden IR
    (346) 396-8696
    brian@haydenir.com

    GENIE ENERGY LTD.
    CONSOLIDATED BALANCE SHEETS
    (in thousands, except per share amounts)

      September 30,
    2023    		  December 31,
    2022    		 
      (Unaudited)    
    Assets      
    Current assets:      
    Cash and cash equivalents $139,829  $98,571 
    Restricted cash—short-term  3,574   6,007 
    Marketable equity securities  411   490 
    Trade accounts receivable, net of allowance for doubtful accounts of $6,365 and $4,826 at September 30, 2023 and December 31, 2022, respectively  60,682   55,134 
    Inventory   15,306   15,714 
    Prepaid expenses  11,891   6,822 
    Other current assets  4,625   6,207 
    Current assets of discontinued operations  33,923   38,688 
    Total current assets  270,241   227,633 
    Property and equipment, net  6,112   891 
    Goodwill  9,998   9,998 
    Other intangibles, net  2,834   3,133 
    Deferred income tax assets, net  5,799   5,799 
    Other assets  13,150   13,856 
    Noncurrent assets of discontinued operations  7,553   16,305 
    Total assets $315,687  $277,615 
    Liabilities and equity        
    Current liabilities:        
    Trade accounts payable  24,857   25,313 
    Accrued expenses  45,444   35,659 
    Income taxes payable  16,010   22,576 
    Due to IDT Corporation, net  120   165 
    Other current liabilities  8,624   4,549 
    Current liabilities of discontinued operations  10,736   10,936 
    Total current liabilities  105,791   99,198 
    Other liabilities  1,859   4,087 
    Noncurrent liabilities of discontinued operations  668   686 
    Total liabilities  108,318   103,971 
    Commitments and contingencies  —   — 
    Equity:        
    Genie Energy Ltd. stockholders’ equity:        
    Preferred stock, $0.01 par value; authorized shares - 10,000:        
    Series 2012-A, Preferred Stock (liquidation preference, $8.50 per share), designated shares - 8,750; 0 and 983 shares issued and outstanding at September 30, 2023 and December 31, 2022  —   8,359 
    Class A common stock, $0.01 par value; authorized shares - 35,000; 1,574 shares issued and outstanding at September 30, 2023 and December 31, 2022  16   16 
    Class B common stock, $0.01 par value; authorized shares - 200,000; 28,764 and 27,126 shares issued and 25,820 and 24,421 shares outstanding at September 30, 2023 and December 31, 2022, respectively  288   271 
    Additional paid-in capital  154,948   146,546 
    Treasury stock, at cost, consisting of 2,944 and 2,705 shares of Class B common stock at September 30, 2023 and December 31, 2022  (22,469)  (19,010)
    Accumulated other comprehensive income  1,413   1,926 
    Retained earnings  86,759   49,010 
    Total Genie Energy Ltd. stockholders’ equity  220,955   187,118 
    Noncontrolling interests  (13,586)  (13,474)
    Total equity  207,369   173,644 
    Total liabilities and equity $315,687  $277,615 


     GENIE ENERGY LTD.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)

      Three Months Ended
    September 30,    		  Nine Months Ended
    September 30,    		 
      2023  2022  2023  2022 
      (in thousands, except per share data) 
    Revenues:            
    Electricity $114,002  $73,764  $268,688  $186,207 
    Natural gas  4,990   6,153   40,890   40,754 
    Other  6,057   1,368   14,209   7,189 
    Total revenues  125,049   81,285   323,787   234,150 
    Cost of revenues  83,967   38,142   211,211   114,082 
    Gross profit  41,082   43,143   112,576   120,068 
    Operating expenses:                
    Selling, general and administrative  23,196   19,605   68,380   57,796 
    Income from operations  17,886   23,538   44,196   62,272 
    Interest income  1,331   194   3,313   259 
    Interest expense  (27)  (33)  (75)  (135)
    Gain (loss) on marketable equity securities and investments  334   57   385   (742)
    Other (loss) income, net  (4)  156   3,137   (712)
    Income before income taxes  19,520   23,912   50,956   60,942 
    Provision for income taxes  (5,018)  (6,482)  (12,951)  (16,791)
    Net income from continuing operations  14,502   17,430   38,005   44,151 
    (Loss) income from discontinued operations, net of taxes  (304)  (1,459)  5,923   25,929 
    Net income  14,198   15,971   43,928   70,080 
    Net income attributable to noncontrolling interests, net  (261)  (2,797)  (118)  (1,056)
    Net income attributable to Genie Energy Ltd.  14,459   18,768   44,046   71,136 
    Dividends on preferred stock  —   (454)  (333)  (1,448)
    Net income attributable to Genie Energy Ltd. common stockholders $14,459  $18,314  $43,713  $69,688 
                     
    Amounts attributable to Genie Energy Ltd. common stockholders                
    Continuing operations $14,763  $22,259  $37,789  $48,368 
    Discontinued operations  (304)  (3,945)  5,924   21,320 
    Net income attributable to Genie Energy Ltd. common stockholders $14,459  $18,314  $43,713  $69,688 
                     
    Earnings (loss) per share attributable to Genie Energy Ltd. common stockholders:                
    Basic:                
    Continuing operations $0.55  $0.88  $1.48  $1.89 
    Discontinued operations  (0.01)  (0.15)  0.23   0.83 
    Earnings per share attributable to Genie Energy Ltd. common stockholders $0.54  $0.73  $1.71  $2.72 
    Diluted                
    Continuing operations $0.54  $0.85  $1.45  $1.84 
    Discontinued operations  (0.01)  (0.15)  0.23   0.81 
    Earnings per share attributable to Genie Energy Ltd. common stockholders $0.53  $0.70  $1.68  $2.65 
                     
    Weighted-average number of shares used in calculation of earnings per share:                
    Basic  26,615   25,233   25,541   25,623 
    Diluted  27,362   26,205   26,056   26,261 
                     
    Dividends declared per common share $0.075  $0.075  $0.225  $0.225 
    Stock-based compensation included in selling, general and administrative expenses $649  $713  $2,254  $2,232 


    GENIE ENERGY LTD. 
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited) 

      Nine Months Ended
    September 30,    		 
      2023  2022 
      (in thousands) 
    Operating activities      
    Net income $43,928  $70,080 
    Net income from discontinued operations, net of tax  5,923   25,929 
    Net income from continuing operations  38,005   44,151 
    Adjustments to reconcile net income to net cash provided by operating activities:        
    Depreciation and amortization  286   288 
    Provision for doubtful accounts receivable  1,722   2,116 
    Inventory valuation allowance  829   — 
    Unrealized (gain) loss on marketable equity securities and investment and others  (386)  833 
    Stock-based compensation  2,254   2,232 
    Change in assets and liabilities:        
    Trade accounts receivable  (7,271)  (4,331)
    Inventory  (6,114)  (797)
    Prepaid expenses  (3,753)  (3,641)
    Other current assets and other assets  2,637   (6,084)
    Trade accounts payable, accrued expenses and other liabilities  10,963   2,570 
    Due to IDT Corporation, net  (45)  (398)
    Income taxes payable  (6,566)  8,009 
    Net cash provided by operating activities of continuing operations  32,561   44,948 
    Net cash provided by operating activities of discontinued operations  19,461   8,150 
    Net cash provided by operating activities  52,022   53,098 
    Investing activities        
    Capital expenditures  (878)  (1,058)
    Proceeds from the sale of marketable equity securities and other investments  10,023   — 
    Purchase of marketable equity securities and other investments  (9,913)  (1,300)
    Investment in notes receivables with related party  —   (1,505)
    Repayment of notes receivable  19   19 
    Net cash used in investing activities of continuing operations  (749)  (3,844)
    Net cash provided by (used in) investing activities of discontinued operations  2,578   (43,941)
    Net cash provided by (used in) investing activities  1,829   (47,785)
    Financing activities        
    Dividends paid  (6,818)  (6,894)
    Repurchases of Class B common stock from employees  (2,338)  (409)
    Proceeds from the exercise of warrants  5,000   — 
    Repurchase of Class B common stock  —   (4,414)
    Redemption of preferred stock  (8,359)  (3,000)
    Net cash used in financing activities  (12,515)  (14,717)
    Effect of exchange rate changes on cash, cash equivalents, and restricted cash  61   (15)
    Net increase (decrease) in cash, cash equivalents, and restricted cash  41,397   (9,419)
    Cash, cash equivalents, and restricted cash (including cash held at discontinued operations) at beginning of period  106,080   102,149 
    Cash, cash equivalents and restricted cash (including cash held at discontinued operations) at end of the period  147,477   92,730 
    Less: Cash held at of discontinued operations at end of period  4,074   5,470 
    Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at end of period $143,403  $87,260 
     

    Reconciliation of Non-GAAP Financial Measure for the Third Quarter 2023

    In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), Genie Energy disclosed Adjusted EBITDA on a consolidated basis and for GRE. Adjusted EBITDA is a non-GAAP measure.

    Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

    Genie’s measure of consolidated Adjusted EBITDA starts with income from operations and adds back depreciation, amortization, and stock-based compensation and subtracts out impairment of assets and equity in the net loss of equity method investees, net.

    Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, revenue, gross profit, income from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, Genie’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

    Management believes that Genie’s measure of Adjusted EBITDA provides useful information to both management and investors by excluding certain expenses that may not be indicative of Genie’s or GRE’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision-making.

    Management also uses Adjusted EBITDA to evaluate operating performance in relation to Genie’s competitors. Disclosure of this non-GAAP financial measure may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, Genie Energy has historically reported Adjusted EBITDA and believes it is commonly used by readers of financial information in assessing performance. Therefore, the inclusion of comparative numbers provides consistency in financial reporting at this time.

    Management refers to Adjusted EBITDA as well as the GAAP measures revenue, gross profit, and income from operations, as well as net income, on a consolidated level to facilitate internal and external comparisons to Genie's historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

    Although depreciation and amortization are considered operating costs under GAAP, they primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Genie’s operating results exclusive of depreciation and amortization are therefore useful indicators of its current performance.

    Stock-based compensation recognized by Genie Energy and other companies may not be comparable because of the various valuation methodologies, subjective assumptions and the variety of types of awards that are permitted under GAAP. Stock-based compensation is excluded from Genie’s calculation of Adjusted EBITDA because management believes this allows investors to make more meaningful comparisons of the operating results of Genie’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for Genie Energy for the foreseeable future and an important part of employees’ compensation that impacts their performance.

    Impairment of goodwill is a component of (loss) income from operations that is excluded from the calculation of Adjusted EBITDA. The impairment of goodwill is primarily dictated by events and circumstances outside the control of management that trigger an impairment analysis. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of Genie's continuing operations. 

    Following are the reconciliations of Adjusted EBITDA on a consolidated basis to its most directly comparable GAAP measure. Adjusted EBITDA is reconciled to income from operations for Genie Energy on a consolidated basis as well as for GRE. 

    Non-GAAP Reconciliation - Consolidated Adjusted EBITDA

      1Q22  2Q22  3Q22  4Q22  1Q23  2Q23  3Q23  2021  2022  TTM 
    Income (loss) from Operations $27.0  $11.8  $23.5  $15.5  $11.3  $15.0  $17.9  $24.1  $77.7  $59.7 
    Add back                                        
    Depreciation and Amortization $0.1  $0.1  $0.1  $0.1  $0.1  $0.1  $0.1  $0.4  $0.4  $0.4 
    Non-Cash Compensation $0.8  $0.7  $0.7  $0.7  $0.8  $0.8  $0.6  $2.8  $2.9  $2.9 
    Impairment $0.0  $0.0  $0.0  $2.1  $0.0  $0.0  $0.0  $0.0  $2.1  $2.1 
    Equity in the Loss of AMSO/GEUK $0.1  $(0.4) $0.2  $0.1  $0.2  $(0.1) $0.0  $0.4  $(0.0) $0.2 
    Adjusted EBITDA $28.0  $12.2  $24.5  $18.5  $12.4  $15.8  $18.6  $27.8  $83.1  $65.3 


    Non-GAAP Reconciliation - GRE Adjusted EBITDA

    (in millions) 3Q23  3Q22  TTM  2022  2021 
    Income (loss) from Operations $22.0  $27.4  $77.4  $92.6  $34.7 
    Add back                    
    Depreciation and Amortization $0.1  $0.1  $0.4  $0.3  $0.4 
    Stock-based Compensation $0.2  $0.2  $1.0  $1.0  $0.9 
    Adjusted EBITDA $22.3  $27.7  $78.8  $93.9  $36.0 

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