Just Energy Group Inc.

CIK:0001538789|SEC Filings

Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
NET INCOME (LOSS)
Revenue	$ 684,968	$ 559,382	$ 1,255,554	$ 1,055,743
Cost of goods sold	956,870	494,612	1,620,083	925,622
GROSS MARGIN	(271,902)	64,770	(364,529)	130,121
INCOMES (EXPENSES)
Administrative	(29,934)	(29,816)	(57,421)	(54,460)
Selling and marketing	(35,243)	(35,538)	(67,715)	(67,874)
Provision for expected credit loss	(16,756)	(2,945)	(27,206)	(9,018)
Depreciation and amortization	(3,094)	(3,736)	(6,011)	(7,381)
Interest expense	(8,921)	(7,754)	(17,409)	(16,584)
Reorganization costs	(26,951)	(14,746)	(46,082)	(31,232)
Unrealized gain (loss) on derivative instruments	(289,774)	233,036	(67,335)	469,091
Realized gain on derivative instruments	395,631	38,777	592,710	52,793
Realized gain on investment		22,887		22,887
Other income (expenses), net	163	(45)	395	(412)
Income (loss) from operations before income taxes	(286,781)	264,890	(60,603)	487,931
Income tax benefit	(81,164)	(191)	(15,600)	(984)
NET INCOME (LOSS)	(205,617)	265,081	(45,003)	488,915
Less: Net income (loss) attributable to non-controlling interest	(19)	3	(31)	(49)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (205,598)	$ 265,078	$ (44,972)	$ 488,964
Earnings (loss) per share
Basic	$ (4.28)	$ 5.51	$ (0.94)	$ 10.17
Diluted	$ (4.28)	$ 5.42	$ (0.94)	$ 9.99
Weighted average shares outstanding
Basic	48,078,637	48,078,637	48,078,637	48,078,637
Diluted	48,919,620	48,919,620	48,919,620	48,919,620

Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (45,003)	$ 488,915
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	6,301	7,446
Share-based compensation expense	324	822
Interest expense, non-cash portion	2,280
Reorganization items (non-cash)	14,106	8,041
Unrealized loss (gain) on derivative instruments	67,335	(469,091)
Operating leased asset payments	(1,004)	(1,061)
Net change in non-cash working capital balances	(54,063)	(1,235)
Securitization proceeds receivable from ERCOT	147,500
Liabilities subject to compromise	14,448	(11,028)
Income and deferred income taxes	(14,427)	(2,106)
Net cash provided by operating activities	137,797	20,703
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(139)	(302)
Purchase of intangible assets	(6,245)	(3,515)
Net cash used in investing activities	(6,384)	(3,817)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from (repayment) DIP Facility	(70,000)	25,000
Repayment of Filter Group financing	(963)	(1,274)
Debt issuance costs		(1,293)
Finance leased asset payments	(6)	(33)
Credit Facility payments	(1,167)	(51,367)
Net cash used in financing activities	(72,136)	(28,967)
Effect of foreign currency translation on cash balances	(3,357)	(231)
Net increase (decrease) in cash and cash equivalents and restricted cash	55,920	(12,312)
Cash and cash equivalents and restricted cash, beginning of period	128,491	172,666
Cash and cash equivalents and restricted cash, end of period	184,411	160,354
Supplemental cash flow information:
Interest paid	15,129	16,584
Income taxes paid	$ (538)	$ 1,148

Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Current assets
Cash and cash equivalents	$ 182,016	$ 125,755
Restricted cash	2,395	2,736
Trade and other receivables, net	354,992	308,941
Securitization proceeds receivable from ERCOT		147,500
Gas in storage	40,543	3,313
Derivative instruments	494,464	538,700
Income taxes recoverable	7,925	11,774
Other current assets	149,329	131,570
Total current assets	1,231,664	1,270,289
Non-current assets
Property and equipment, net	4,980	6,505
Intangible assets, net	43,960	43,815
Goodwill	120,951	130,945
Derivative instruments	140,761	133,014
Deferred income taxes	351	198
Other non-current assets	57,395	39,048
Total non-current assets	368,398	353,525
TOTAL ASSETS	1,600,062	1,623,814
Current liabilities
Trade and other payables	401,569	349,923
Deferred revenue	10,270	695
Income taxes payable	2,788	2,370
Derivative instruments	21,957	13,170
Current portion of long-term debt	55,384	126,289
Total current liabilities	491,968	492,447
Liabilities subject to compromise	852,270	845,890
Non-current liabilities
Long-term debt	2	130
Derivative instruments	46,778	12,916
Deferred income taxes	57,251	75,792
Other non-current liabilities	15,438	2,438
Total non-current liabilities	119,469	91,276
TOTAL LIABILITIES	1,463,707	1,429,613
Commitments and contingencies
SHAREHOLDERS' EQUITY
Common shares, no par value; unlimited shares authorized at September 30, 2022 and March 31, 2022; 48,078,637 shares issued and outstanding at September 30, 2022; 48,078,637 shares issued and outstanding at March 31, 2022	1,168,162	1,168,162
Contributed deficit	(11,749)	(12,073)
Accumulated deficit	(1,133,091)	(1,088,119)
Accumulated other comprehensive income	113,294	126,527
Non-controlling interest	(261)	(296)
TOTAL SHAREHOLDERS' EQUITY	136,355	194,201
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,600,062	$ 1,623,814