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Business Segment Information
 3 Months Ended
Mar. 31, 2023
Business Segment Information [Abstract]  
Business Segment Information
Note 17—Business Segment Information 

 

The Company has two reportable business segments: GRE and Genie Renewables. Prior to In the third quarter 2022, following the discontinuance of operations of Lumo Finland and Lumo Sweden, GRE International ceased to be a segment and the remaining assets and liabilities and results of continuing operations of GRE International were combined with corporate. GRE owns and operates REPs, including IDT Energy, Residents Energy, TSE, Southern Federal and Mirabito. GRE's REP businesses resell electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States and Texas. Genie Renewables designs, manufactures and distributes solar panels, offers energy brokerage and advisory services and also sells third-party products to customers. Corporate costs include unallocated compensation, consulting fees, legal fees, business development expenses and other corporate-related general and administrative expenses. Corporate does not generate any revenues, nor does it incur any cost of revenues.


The Company’s reportable segments are distinguished by types of service, customers and methods used to provide their services. The operating results of these business segments are regularly reviewed by the Company’s chief operating decision-maker. 


The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its business segments based primarily on income (loss) from operations. There are no significant asymmetrical allocations to segments.  


Operating results for the business segments of the Company were as follows:


(in thousands) 

 

GRE


Genie Renewables

 

 

Corporate

 

 

Total

 

















Three Months Ended March 31, 2023














Revenues
$ 101,412
$ 3,864

$ —

$ 105,276
Income (loss) from operations

16,445

(1,148 )

(4,022 )

11,275
Depreciation and amortization

83

13


—


96
Stock-based compensation

273

1


575


849
Provision for doubtful accounts receivables

574

—


—


574
Provision for (benefit from) income taxes

4,650

(315)


(267 )

4,068
















Three Months Ended March 31, 2022














Revenues
$ 83,884
$ 2,042

$ —

$ 85,926
Income (loss) from operations

30,176
(479 )

(2,735 )

26,962
Depreciation and amortization

85

11


—


96
Stock-based compensation

246

—


558


840
Provision for doubtful accounts receivables

392

—


—


392
Provision for (benefit from) income taxes

7,833

—


(721 )

7,112


Total assets for the business segments of the Company were as follows:


(in thousands)

 

GRE



Genie Renewables

 

 

Corporate

 

 

Total

 

Total assets:

 

 



 

 

 

 

 

 

 

 

March 31, 2023

 

$

209,483



$

15,680

 

 

$

67,847

 

 

$

293,010

 

December 31, 2022

191,839


12,191


73,585


277,615


The total assets of corporate segment includes total assets of discontinued operations of Orbit, Lumo Finland and Lumo Sweden with aggregate net book value of $48.3 million and $55.0 million at March 31, 2023 and December 31, 2022, respectively.