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;
1 Adjusted 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, MBASenior Managing DirectorHayden IR(346) 396-8696brian@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 EndedSeptember 30,     Nine Months EndedSeptember 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 EndedSeptember 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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