Delaware | 001-36559 | 46-5453215 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification Number) |
• | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
• | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
• | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
• | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description |
99.1 | Press Release of Spark Energy, Inc. dated August 2, 2018 |
Exhibit No. | Description |
99.1 |
Spark Energy, Inc. | ||
By: | /s/ Gil Melman | |
Name: | Gil Melman | |
Title: | Vice President, General Counsel and Corporate Secretary |
• | Achieved $16.1 million in Adjusted EBITDA, $43.4 million in Retail Gross Margin, and a $23.9 million in Net Income for the second quarter |
• | Total RCE count increased 26.9% year-over-year to 1,049,000 as of June 30, 2018 |
• | Overall monthly attrition of 3.7% for the second quarter |
• | Continuing to simplify, streamline, and optimize the organization to improve long-term margin profile |
($ in thousands) | June 30, 2018 | ||
Cash and cash equivalents | $ | 35,702 | |
Senior Credit Facility Availability (1) | 36,281 | ||
Subordinated Debt Availability (2) | 15,000 | ||
Total Liquidity | $ | 86,983 |
• | changes in commodity prices and the sufficiency of risk management and hedging policies; |
• | extreme and unpredictable weather conditions, and the impact of hurricanes and other natural disasters; |
• | federal, state and local regulation, including the industry's ability to address or adapt to potentially restrictive new regulations that may be enacted by the New York Public Service Commission; |
• | our ability to borrow funds and access credit markets and restrictions in our debt agreements and collateral requirements; |
• | credit risk with respect to suppliers and customers; |
• | changes in costs to acquire customers and actual customer attrition rates; |
• | accuracy of billing systems; |
• | whether our majority stockholder or its affiliates offer us acquisition opportunities on terms that are commercially acceptable to us; |
• | ability to successfully identify and complete, and efficiently integrate acquisitions into our operations; |
• | significant changes in, or new charges by, the ISOs in the regions in which we operate; |
• | competition; and |
• | the “Risk Factors” in our latest Annual Report on Form 10-K, and in our quarterly reports, other public filings and press releases. |
June 30, 2018 | December 31, 2017 | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 35,702 | $ | 29,419 | |||||
Accounts receivable, net of allowance for doubtful accounts of $3.6 million and $4.0 million as of June 30, 2018 and December 31, 2017, respectively | 132,011 | 158,814 | |||||||
Accounts receivable—affiliates | 3,427 | 3,661 | |||||||
Inventory | 1,860 | 4,470 | |||||||
Fair value of derivative assets | 11,526 | 31,191 | |||||||
Customer acquisition costs, net | 17,123 | 22,123 | |||||||
Customer relationships, net | 20,669 | 18,653 | |||||||
Prepaid assets | 3,575 | 1,028 | |||||||
Deposits | 12,109 | 7,701 | |||||||
Other current assets | 18,863 | 19,678 | |||||||
Total current assets | 256,865 | 296,738 | |||||||
Property and equipment, net | 7,190 | 8,275 | |||||||
Fair value of derivative assets | 595 | 3,309 | |||||||
Customer acquisition costs, net | 5,315 | 6,949 | |||||||
Customer relationships, net | 31,600 | 34,839 | |||||||
Deferred tax assets | 27,581 | 24,185 | |||||||
Goodwill | 120,343 | 120,154 | |||||||
Other assets | 11,360 | 11,500 | |||||||
Total assets | $ | 460,849 | $ | 505,949 | |||||
Liabilities, Series A Preferred Stock and Stockholders' Equity | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 59,393 | $ | 77,510 | |||||
Accounts payable—affiliates | 2,373 | 4,622 | |||||||
Accrued liabilities | 32,330 | 33,679 | |||||||
Fair value of derivative liabilities | 2,079 | 1,637 | |||||||
Current portion of Senior Credit Facility | — | 7,500 | |||||||
Current payable pursuant to tax receivable agreement—affiliates | 2,508 | 5,937 | |||||||
Current contingent consideration for acquisitions | 2,980 | 4,024 | |||||||
Other current liabilities | 1,282 | 2,675 | |||||||
Current portion of note payable | 13,921 | 13,443 | |||||||
Total current liabilities | 116,866 | 151,027 | |||||||
Long-term liabilities: | |||||||||
Fair value of derivative liabilities | 4,380 | 492 | |||||||
Payable pursuant to tax receivable agreement—affiliates | 26,067 | 26,355 | |||||||
Long-term portion of Senior Credit Facility | 102,000 | 117,750 | |||||||
Subordinated debt—affiliate | 10,000 | — | |||||||
Contingent consideration for acquisitions | — | 626 | |||||||
Other long-term liabilities | 1 | 172 | |||||||
Long-term portion of note payable | — | 7,051 | |||||||
Total liabilities | 259,314 | 303,473 | |||||||
Commitments and contingencies (Note 13) |
Series A Preferred Stock, par value $0.01 per share, 20,000,000 shares authorized, 3,707,256 shares issued and outstanding at June 30, 2018 and 1,704,339 shares issued and outstanding at December 31, 2017 | 90,758 | 41,173 | |||||||
Stockholders' equity: | |||||||||
Common Stock (1) : | |||||||||
Class A common stock, par value $0.01 per share, 120,000,000 shares authorized, 13,493,158 issued, and 13,393,712 outstanding at June 30, 2018 and 13,235,082 issued and 13,135,636 outstanding at December 31, 2017 | 135 | 132 | |||||||
Class B common stock, par value $0.01 per share, 60,000,000 shares authorized, 21,485,126 issued and outstanding at June 30, 2018 and December 31, 2017 | 216 | 216 | |||||||
Additional paid-in capital | 28,846 | 26,914 | |||||||
Accumulated other comprehensive loss | (33 | ) | (11 | ) | |||||
Retained earnings | (2,678 | ) | 11,008 | ||||||
Treasury stock, at cost, 99,446 shares at June 30, 2018 and December 31, 2017 | (2,011 | ) | (2,011 | ) | |||||
Total stockholders' equity | 24,475 | 36,248 | |||||||
Non-controlling interest in Spark HoldCo, LLC | 86,302 | 125,055 | |||||||
Total equity | 110,777 | 161,303 | |||||||
Total liabilities, Series A Preferred Stock and stockholders' equity | $ | 460,849 | $ | 505,949 |
(1) | Outstanding shares of common stock reflect the two-for-one stock split, which took effect on June 16, 2017. See 5 "Equity" in our 10-Q for further discussion. |
(2) | See Note 5 "Equity" in our 10-Q for disclosure of our variable interest entity in Spark HoldCo, LLC. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues: | |||||||||||||||
Retail revenues | $ | 231,488 | $ | 151,604 | $ | 515,489 | $ | 348,104 | |||||||
Net asset optimization revenues/(expense) (1) | 763 | (168 | ) | 3,450 | (361 | ) | |||||||||
Total Revenues | 232,251 | 151,436 | 518,939 | 347,743 | |||||||||||
Operating Expenses: | |||||||||||||||
Retail cost of revenues | 162,669 | 114,637 | 452,545 | 260,398 | |||||||||||
General and administrative (2) | 27,780 | 19,346 | 57,827 | 43,839 | |||||||||||
Depreciation and amortization | 12,861 | 9,656 | 25,880 | 18,926 | |||||||||||
Total Operating Expenses | 203,310 | 143,639 | 536,252 | 323,163 | |||||||||||
Operating income (loss) | 28,941 | 7,797 | (17,313 | ) | 24,580 | ||||||||||
Other (expense)/income: | |||||||||||||||
Interest expense | (2,316 | ) | (2,452 | ) | (4,561 | ) | (5,897 | ) | |||||||
Interest and other income | 553 | (265 | ) | 755 | (66 | ) | |||||||||
Total other expenses | (1,763 | ) | (2,717 | ) | (3,807 | ) | (5,963 | ) | |||||||
Income (loss) before income tax expense (benefit) | 27,178 | 5,080 | (21,120 | ) | 18,617 | ||||||||||
Income tax expense (benefit) | 3,251 | 409 | (3,216 | ) | 2,814 | ||||||||||
Net income (loss) | $ | 23,927 | $ | 4,671 | $ | (17,904 | ) | $ | 15,803 | ||||||
Less: Net income (loss) attributable to non-controlling interests | 16,427 | 3,592 | (13,078 | ) | 12,454 | ||||||||||
Net income (loss) attributable to Spark Energy, Inc. stockholders | $ | 7,500 | $ | 1,079 | $ | (4,826 | ) | $ | 3,349 | ||||||
Less: Dividend on Series A preferred stock | 2,027 | 991 | 4,054 | 1,174 | |||||||||||
Net income (loss) attributable to stockholders of Class A common stock | $ | 5,473 | $ | 88 | $ | (8,880 | ) | $ | 2,175 | ||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||
Currency translation gain (loss) | $ | 25 | $ | (26 | ) | $ | (58 | ) | $ | (75 | ) | ||||
Other comprehensive income (loss) | 25 | (26 | ) | (58 | ) | (75 | ) | ||||||||
Comprehensive income (loss) | $ | 23,952 | $ | 4,645 | $ | (17,962 | ) | $ | 15,728 | ||||||
Less: Comprehensive income (loss) attributable to non-controlling interests | 16,442 | 3,576 | (13,114 | ) | 12,407 | ||||||||||
Comprehensive income (loss) attributable to Spark Energy, Inc. stockholders | $ | 7,510 | $ | 1,069 | $ | (4,848 | ) | $ | 3,321 |
(1) | Net asset optimization revenues (expenses) includes asset optimization revenues—affiliates of $340 and $0 for the three months ended June 30, 2018 and 2017, respectively, and asset optimization revenues—affiliates cost of revenues of $24 and $0 for the three months ended June 30, 2018 and 2017, respectively, and asset optimization revenues—affiliates of $988 and $0 for the six months ended June 30, 2018 and 2017, respectively, and asset optimization revenue—affiliates cost of revenues of $36 and $0 for the six months ended June 30, 2018 and 2017, respectively. |
(2) | General and administrative expense includes general and administrative expense—affiliates of $1,600 and $6,100 for the three months ended June 30, 2018 and 2017, respectively, and $8,000 and $13,400 for the six months ended June 30, 2018 and 2017, respectively. |
Issued Shares of Class A Common Stock | Issued Shares of Class B Common Stock | Treasury Stock | Class A Common Stock | Class B Common Stock | Treasury Stock | Accumulated Other Comprehensive Loss | Additional Paid-in Capital | Retained Earnings (Deficit) | Total Stockholders' Equity | Non-controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||
Balance at December 31, 2017 | 13,235 | 21,485 | (99 | ) | $ | 132 | $ | 216 | $ | (2,011 | ) | $ | (11 | ) | $ | 26,914 | $ | 11,008 | $ | 36,248 | $ | 125,055 | $ | 161,303 | ||||||||||||||||||||
Stock based compensation | — | — | — | — | — | — | — | 2,647 | — | 2,647 | — | 2,647 | ||||||||||||||||||||||||||||||||
Restricted stock unit vesting | 258 | — | — | 3 | — | — | — | (715 | ) | — | (712 | ) | — | (712 | ) | |||||||||||||||||||||||||||||
Consolidated net loss | — | — | — | — | — | — | — | — | (4,826 | ) | (4,826 | ) | (13,078 | ) | (17,904 | ) | ||||||||||||||||||||||||||||
Foreign currency translation adjustment for equity method investee | — | — | — | — | — | — | (22 | ) | — | — | (22 | ) | (36 | ) | (58 | ) | ||||||||||||||||||||||||||||
Distributions paid to non-controlling unit holders | — | — | — | — | — | — | — | — | — | — | (19,501 | ) | (19,501 | ) | ||||||||||||||||||||||||||||||
Dividends paid to Class A common stockholders | — | — | — | — | — | — | — | — | (4,805 | ) | (4,805 | ) | — | (4,805 | ) | |||||||||||||||||||||||||||||
Dividends to Preferred Stock | — | — | — | — | — | — | — | — | (4,055 | ) | (4,055 | ) | — | (4,055 | ) | |||||||||||||||||||||||||||||
Acquisition of NG&E Customers | — | — | — | — | — | — | — | — | — | (6,138 | ) | (6,138 | ) | |||||||||||||||||||||||||||||||
Balance at June 30, 2018 | 13,493 | 21,485 | (99 | ) | $ | 135 | $ | 216 | $ | (2,011 | ) | $ | (33 | ) | $ | 28,846 | $ | (2,678 | ) | $ | 24,475 | $ | 86,302 | $ | 110,777 |
Six Months Ended June 30, | |||||||||
2018 | 2017 | ||||||||
Cash flows from operating activities: | |||||||||
Net (loss) income | $ | (17,904 | ) | $ | 15,803 | ||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||
Depreciation and amortization expense | 24,639 | 18,411 | |||||||
Deferred income taxes | (3,396 | ) | 3 | ||||||
Change in TRA liability | 79 | — | |||||||
Stock based compensation | 2,686 | 2,905 | |||||||
Amortization of deferred financing costs | 614 | 531 | |||||||
Excess tax benefit related to restricted stock vesting | (101 | ) | 179 | ||||||
Change in Fair Value of Earnout liabilities | (63 | ) | (2,568 | ) | |||||
Accretion on fair value of Earnout liabilities | — | 2,660 | |||||||
Bad debt expense | 5,725 | 919 | |||||||
Loss on derivatives, net | 19,487 | 31,473 | |||||||
Current period cash settlements on derivatives, net | 7,170 | (11,828 | ) | ||||||
Accretion of discount to convertible subordinated notes to affiliate | — | 1,004 | |||||||
Payment of the Major Energy Companies Earnout | — | (1,104 | ) | ||||||
Payment of the Provider Companies Earnout | — | (677 | ) | ||||||
Other | (555 | ) | 224 | ||||||
Changes in assets and liabilities: | |||||||||
Decrease in accounts receivable | 25,957 | 18,072 | |||||||
Increase in accounts receivable—affiliates | (10 | ) | (1,925 | ) | |||||
Decrease in inventory | 2,693 | 310 | |||||||
Increase in customer acquisition costs | (6,254 | ) | (12,074 | ) | |||||
(Increase) decrease in prepaid and other current assets | (59 | ) | 5,394 | ||||||
Decrease (increase) in other assets | 97 | (788 | ) | ||||||
Decrease in accounts payable and accrued liabilities | (20,140 | ) | (18,422 | ) | |||||
(Decrease) increase in accounts payable—affiliates | (2,249 | ) | 313 | ||||||
Decrease in other current liabilities | (1,545 | ) | (2,862 | ) | |||||
Decrease in other non-current liabilities | (461 | ) | (328 | ) | |||||
Net cash provided by operating activities | 36,410 | 45,625 | |||||||
Cash flows from investing activities: | |||||||||
Purchases of property and equipment | (1,163 | ) | (371 | ) | |||||
Acquisitions of Perigee and other customers | — | (9,353 | ) | ||||||
Deposit for Verde Acquisition | — | (65,785 | ) | ||||||
Acquisition of HIKO | (15,041 | ) | — | ||||||
Acquisition of NG&E customers | (7,796 | ) | — | ||||||
Net cash used in investing activities | (24,000 | ) | (75,509 | ) | |||||
Cash flows from financing activities: | |||||||||
Proceeds from issuance of Series A Preferred Stock, net of issuance costs paid | 48,490 | 37,937 | |||||||
Borrowings on notes payable | 146,800 | 121,000 | |||||||
Payments on notes payable | (160,050 | ) | (93,789 | ) | |||||
Payment of the Major Energy Companies Earnout | (1,607 | ) | (6,299 | ) | |||||
Payment of the Provider Companies Earnout and installment consideration | — | (6,676 | ) | ||||||
Payments on the Verde promissory note | (6,573 | ) | — | ||||||
Proceeds from disgorgement of stockholders short-swing profits | 244 | 666 | |||||||
Restricted stock vesting | (2,589 | ) | (2,009 | ) | |||||
Payment of Tax Receivable Agreement liability | (3,577 | ) | — | ||||||
Payment of dividends to Class A common stockholders | (4,805 | ) | (4,754 | ) | |||||
Payment of distributions to non-controlling unitholders | (19,501 | ) | (19,822 | ) |
Payment of Dividends to Preferred Stock | (2,959 | ) | — | ||||||
Purchase of Treasury Stock | — | (1,285 | ) | ||||||
Net cash (used in) provided by financing activities | (6,127 | ) | 24,969 | ||||||
Increase (decrease) in Cash and cash equivalents | 6,283 | (4,915 | ) | ||||||
Cash and cash equivalents—beginning of period | 29,419 | 18,960 | |||||||
Cash and cash equivalents—end of period | $ | 35,702 | $ | 14,045 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Non-cash items: | |||||||||
Property and equipment purchase accrual | $ | (123 | ) | $ | 50 | ||||
Cash paid during the period for: | |||||||||
Interest | $ | 3,884 | $ | 1,395 | |||||
Taxes | $ | 5,399 | $ | 7,232 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in thousands, except volume and per unit operating data) | |||||||||||||||
Retail Electricity Segment | |||||||||||||||
Total Revenues | $ | 209,447 | $ | 131,908 | 430,346 | $ | 265,602 | ||||||||
Retail Cost of Revenues | 151,953 | 102,079 | 401,500 | 210,923 | |||||||||||
Less: Net gains (losses) on non-trading derivatives, net of cash settlements | 24,852 | (5,034 | ) | (23,515 | ) | (16,955 | ) | ||||||||
Retail Gross Margin (1) — Electricity | $ | 32,642 | $ | 34,863 | $ | 52,361 | $ | 71,634 | |||||||
Volumes — Electricity (MWhs) | 2,100,007 | 1,379,051 | 4,352,031 | 2,764,165 | |||||||||||
Retail Gross Margin (2) — Electricity per MWh | $ | 15.54 | $ | 25.28 | $ | 12.03 | $ | 25.92 | |||||||
Retail Natural Gas Segment | |||||||||||||||
Total Revenues | $ | 22,804 | $ | 19,528 | $ | 88,593 | $ | 82,141 | |||||||
Retail Cost of Revenues | 10,716 | 12,558 | 51,045 | 49,475 | |||||||||||
Less: Net Asset Optimization Revenues (Expenses) | 763 | (168 | ) | 3,450 | (361 | ) | |||||||||
Less: Net gains (losses) on non-trading derivatives, net of cash settlements | 542 | (1,148 | ) | (2,685 | ) | (3,088 | ) | ||||||||
Retail Gross Margin (1) — Gas | $ | 10,783 | $ | 8,286 | $ | 36,783 | $ | 36,115 | |||||||
Volumes — Gas (MMBtus) | 2,840,721 | 2,629,087 | 10,517,802 | 10,848,366 | |||||||||||
Retail Gross Margin (2) — Gas per MMBtu | $ | 3.80 | $ | 3.15 | $ | 3.50 | $ | 3.33 |
(1) | Reflects the Retail Gross Margin attributable to our Retail Natural Gas Segment or Retail Electricity Segment, as applicable. Retail Gross Margin is a non-GAAP financial measure. See “How We Evaluate Our Operations” for a reconciliation of Adjusted EBITDA and Retail Gross Margin to their most directly comparable financial measures presented in accordance with GAAP. |
(2) | Reflects the Retail Gross Margin for the Retail Natural Gas Segment or Retail Electricity Segment, as applicable, divided by the total volumes in MMBtu or MWh, respectively. |
• | our operating performance as compared to other publicly traded companies in the retail energy industry, without regard to financing methods, capital structure or historical cost basis; |
• | the ability of our assets to generate earnings sufficient to support our proposed cash dividends; and |
• | our ability to fund capital expenditures (including customer acquisition costs) and incur and service debt. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Reconciliation of Adjusted EBITDA to Net Income: | |||||||||||||||
Net income (loss) | $ | 23,927 | $ | 4,671 | $ | (17,904 | ) | $ | 15,803 | ||||||
Depreciation and amortization | 12,861 | 9,656 | 25,880 | 18,926 | |||||||||||
Interest expense | 2,316 | 2,452 | 4,561 | 5,897 | |||||||||||
Income tax expense (benefit) | 3,251 | 409 | (3,216 | ) | 2,814 | ||||||||||
EBITDA | 42,355 | 17,188 | 9,321 | 43,440 | |||||||||||
Less: | |||||||||||||||
Net, Gain (losses) on derivative instruments | 17,054 | (9,677 | ) | (19,488 | ) | (31,473 | ) | ||||||||
Net, Cash settlements on derivative instruments | 8,792 | 3,996 | (6,745 | ) | 11,351 | ||||||||||
Customer acquisition costs | 1,980 | 4,384 | 6,254 | 12,074 | |||||||||||
Plus: | |||||||||||||||
Non-cash compensation expense | 1,555 | 1,538 | 2,686 | 2,905 | |||||||||||
Adjusted EBITDA | $ | 16,084 | $ | 20,023 | $ | 31,986 | $ | 54,393 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Reconciliation of Adjusted EBITDA to net cash provided by operating activities: | |||||||||||||||
Net cash provided by operating activities | $ | 45,950 | $ | 22,331 | $ | 36,410 | $ | 45,625 | |||||||
Amortization of deferred financing costs | (319 | ) | (283 | ) | (614 | ) | (531 | ) | |||||||
Allowance for doubtful accounts and bad debt expense | (3,302 | ) | (563 | ) | (5,725 | ) | (919 | ) | |||||||
Interest expense | 2,316 | 2,452 | 4,561 | 5,897 | |||||||||||
Income tax expense (benefit) | 3,251 | 409 | (3,216 | ) | 2,814 | ||||||||||
Changes in operating working capital | |||||||||||||||
Accounts receivable, prepaids, current assets | (38,516 | ) | (19,159 | ) | (25,888 | ) | (21,541 | ) | |||||||
Inventory | 1,377 | 3,012 | (2,693 | ) | (310 | ) | |||||||||
Accounts payable and accrued liabilities | 7,618 | 7,895 | 23,934 | 20,971 | |||||||||||
Other | (2,291 | ) | 3,929 | 5,217 | 2,387 | ||||||||||
Adjusted EBITDA | $ | 16,084 | $ | 20,023 | $ | 31,986 | $ | 54,393 | |||||||
Cash Flow Data: | |||||||||||||||
Cash flows provided by operating activities | $ | 45,950 | $ | 22,331 | $ | 36,410 | $ | 45,625 | |||||||
Cash flows used in investing activities | $ | (8,205 | ) | $ | (75,397 | ) | $ | (24,000 | ) | $ | (75,509 | ) | |||
Cash flows (used in) provided by financing activities | $ | (23,108 | ) | $ | 42,162 | $ | (6,127 | ) | $ | 24,969 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Reconciliation of Retail Gross Margin to Operating Income (loss): | |||||||||||||||
Operating income (loss) | $ | 28,941 | $ | 7,797 | $ | (17,313 | ) | $ | 24,580 | ||||||
Depreciation and amortization | 12,861 | 9,656 | 25,880 | 18,926 | |||||||||||
General and administrative | 27,781 | 19,346 | 57,827 | 43,839 | |||||||||||
Less: | |||||||||||||||
Net asset optimization revenues (expenses) | 763 | (168 | ) | 3,450 | (361 | ) | |||||||||
Net, gains (losses) on non-trading derivative instruments | 16,601 | (10,202 | ) | (20,111 | ) | (31,578 | ) | ||||||||
Net, Cash settlements on non-trading derivative instruments | 8,793 | 4,020 | (6,089 | ) | 11,535 | ||||||||||
Retail Gross Margin | $ | 43,425 | $ | 43,149 | $ | 89,144 | $ | 107,749 | |||||||
Retail Gross Margin - Retail Electricity Segment | $ | 32,642 | $ | 34,863 | $ | 52,361 | $ | 71,634 | |||||||
Retail Gross Margin - Retail Natural Gas Segment | $ | 10,783 | $ | 8,286 | $ | 36,783 | $ | 36,115 |