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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.