XML 36 R26.htm IDEA: XBRL DOCUMENT
v3.23.3

Business Segment Information | 9 Months Ended
--- | ---
Sep. 30, 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 the third quarter 2022, the Company had a third segment, GRE International. 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 September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 120,313 |  | $ | 4,736 |  |  | $ | — |  |  | $ | 125,049 |
Income (loss) from operations |  |  | 21,998 |  |  | (2,051 | ) |  |  | (2,061 | ) |  |  | 17,886 |
Depreciation and amortization |  |  | 83 |  |  | 12 |  |  |  | — |  |  |  | 95 |
Stock-based compensation |  |  | 242 |  |  | 9 |  |  |  | 398 |  |  |  | 649 |
Provision for doubtful accounts receivables |  |  | 350 |  |  | — |  |  |  | — |  |  |  | 350 |
Provision for (benefit from) income taxes |  |  | 5,985 |  |  | (318 | ) |  |  | (649 | ) |  |  | 5,018 |
Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 79,917 |  | $ | 1,368 |  |  | $ | — |  |  | $ | 81,285 |
Income (loss) from operations |  |  | 27,415 |  |  | (1,503 | ) |  |  | (2,374 | ) |  |  | 23,538 |
Depreciation and amortization |  |  | 83 |  |  | 13 |  |  |  | — |  |  |  | 96 |
Stock-based compensation |  |  | 238 |  |  | — |  |  |  | 475 |  |  |  | 713 |
Provision for (benefit from) income taxes |  |  | 7,008 |  |  | — |  |  |  | (526 | ) |  |  | 6,482 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 311,458 |  | $ | 12,329 |  |  | $ | — |  |  | $ | 323,787 |
Income (loss) from operations |  |  | 56,862 |  |  | (4,477 | ) |  |  | (8,189 | ) |  |  | 44,196 |
Depreciation and amortization |  |  | 248 |  |  | 38 |  |  |  | — |  |  |  | 286 |
Stock-based compensation |  |  | 790 |  |  | 19 |  |  |  | 1,445 |  |  |  | 2,254 |
Provision for doubtful accounts receivables |  |  | 1,722 |  |  | — |  |  |  | — |  |  |  | 1,722 |
Provision for (benefit from) income taxes |  |  | 16,004 |  |  | (1,107 | ) |  |  | (1,946 | ) |  |  | 12,951 |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 226,961 |  | $ | 7,189 |  |  | $ | — |  |  | $ | 234,150 |
Income (loss) from operations |  |  | 72,004 |  |  | (2,500 | ) |  |  | (7,232 | ) |  |  | 62,272 |
Depreciation and amortization |  |  | 253 |  |  | 35 |  |  |  | — |  |  |  | 288 |
Stock-based compensation |  |  | 714 |  |  | — |  |  |  | 1,518 |  |  |  | 2,232 |
Provision for (benefit from) income taxes |  |  | 18,546 |  |  | — |  |  |  | (1,755 | ) |  |  | 16,791 |
Total assets for the business segments of the Company were as follows
(in thousands) |  | GRE |  |  | Genie Renewables |  |  | Corporate |  |  | Total |
Total assets: |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2023 |  | $ | 233,720 |  |  | $ | 25,506 |  |  | $ | 56,461 |  |  | $ | 315,687 |
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 $41.5 million and $55.0 million at September 30, 2023 and December 31, 2022, respectively.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration