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v3.22.2.2

Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Schedule of Reconciliation of Retail Gross Margin to Income Before Income Tax Expense | Below is a reconciliation of retail gross margin to gross profit (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Reconciliation of Retail Gross Margin to Gross Profit |  |  |  |  |  |  |
Total Revenue | $ | 118,859 |  |  | $ | 97,979 |  |  | $ | 343,112 |  |  | $ | 293,179 |
Less: |  |  |  |  |  |  |
Retail cost of revenues | 102,212 |  |  | 40,298 |  |  | 232,621 |  |  | 198,642 |
Gross Profit | 16,647 |  |  | 57,681 |  |  | 110,491 |  |  | 94,537 |
Less: |  |  |  |  |  |  |
Net asset optimization revenue (expense) | 1,672 |  |  | (288) |  |  | (480) |  |  | (542) |
Net, (loss) gain on non-trading derivative instruments | (1,413) |  |  | 32,262 |  |  | 54,570 |  |  | 58,214 |
Net, Cash settlements on non-trading derivative instruments | (14,068) |  |  | (5,660) |  |  | (36,067) |  |  | (6,054) |
Non-recurring event - Winter Storm Uri | — |  |  | 497 |  |  | 9,565 |  |  | (64,403) |
Retail Gross Margin | $ | 30,456 |  |  | $ | 30,870 |  |  | $ | 82,903 |  |  | $ | 107,322 |
Schedule of Financial Data for Business Segments | Financial data for business segments are as follows (in thousands):
Three Months Ended September 30, 2022
| Retail Electricity (a) |  | Retail Natural Gas |  | Corporate and Other |  | Eliminations |  | Consolidated
Total revenues | $ | 104,970 |  |  | $ | 12,217 |  |  | $ | 1,672 |  |  | $ | — |  |  | $ | 118,859 |
Retail cost of revenues | 92,816 |  |  | 9,396 |  |  | — |  |  | — |  |  | 102,212 |
Gross Profit | $ | 12,154 |  |  | $ | 2,821 |  |  | $ | 1,672 |  |  | $ | — |  |  | $ | 16,647 |
Less: |  |  |  |  |  |  |  |  |
Net asset optimization revenue | — |  |  | — |  |  | 1,672 |  |  | — |  |  | 1,672 |
Net, (loss) gain on non-trading derivative instruments | (5,290) |  |  | 3,877 |  |  | — |  |  | — |  |  | (1,413) |
Current period settlements on non-trading derivatives | (11,063) |  |  | (3,005) |  |  | — |  |  | — |  |  | (14,068) |
Retail Gross Margin | $ | 28,507 |  |  | $ | 1,949 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,456 |
Total Assets at September 30, 2022 | $ | 1,743,817 |  |  | $ | 84,612 |  |  | $ | 314,672 |  |  | $ | (1,814,947) |  |  | $ | 328,154 |
Goodwill at September 30, 2022 | $ | 117,813 |  |  | $ | 2,530 |  |  | $ | — |  |  | $ | — |  |  | $ | 120,343 |
(a) Retail Electricity includes related services.
Three Months Ended September 30, 2021
| Retail Electricity |  | Retail Natural Gas |  | Corporate and Other |  | Eliminations |  | Consolidated
Total revenues | $ | 92,104 |  |  | $ | 6,163 |  |  | $ | (288) |  |  | $ | — |  |  | $ | 97,979 |
Retail cost of revenues | 41,035 |  |  | (737) |  |  | — |  |  | — |  |  | 40,298 |
Gross Profit | $ | 51,069 |  |  | $ | 6,900 |  |  | $ | (288) |  |  | $ | — |  |  | $ | 57,681 |
Less: |  |  |  |  |  |  |  |  |
Net asset optimization expense | — |  |  | — |  |  | (288) |  |  | — |  |  | (288) |
Net, gain on non-trading derivative instruments | 27,558 |  |  | 4,704 |  |  | — |  |  | — |  |  | 32,262 |
Current period settlements on non-trading derivatives | (5,199) |  |  | (461) |  |  | — |  |  | — |  |  | (5,660) |
Non-recurring event - Winter Storm Uri | 497 |  |  | — |  |  | — |  |  | — |  |  | 497 |
Retail Gross Margin | $ | 28,213 |  |  | $ | 2,657 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,870 |
Total Assets at December 31, 2021 | $ | 1,527,456 |  |  | $ | 7,320 |  |  | $ | 311,556 |  |  | $ | (1,491,056) |  |  | $ | 355,276 |
Goodwill at December 31, 2021 | $ | 117,813 |  |  | $ | 2,530 |  |  | $ | — |  |  | $ | — |  |  | $ | 120,343 |
Nine Months Ended September 30, 2022
| Retail Electricity |  | Retail Natural Gas |  | Corporate and Other |  | Eliminations |  | Consolidated
Total revenues | $ | 275,301 |  |  | $ | 68,291 |  |  | $ | (480) |  |  | $ | — |  |  | $ | 343,112 |
Retail cost of revenues | 189,092 |  |  | 43,529 |  |  | — |  |  | — |  |  | 232,621 |
Gross Profit | $ | 86,209 |  |  | $ | 24,762 |  |  | $ | (480) |  |  | $ | — |  |  | $ | 110,491 |
Less: |  |  |  |  |  |  |  |  |
Net asset optimization expense | — |  |  | — |  |  | (480) |  |  | — |  |  | (480) |
Net gain on non-trading derivatives | 42,557 |  |  | 12,013 |  |  | — |  |  | — |  |  | 54,570 |
Current period settlements on non-trading derivatives | (28,317) |  |  | (7,750) |  |  | — |  |  | — |  |  | (36,067) |
Non-recurring event - Winter Storm Uri | 9,565 |  |  | — |  |  | — |  |  | — |  |  | 9,565 |
Retail Gross Margin | $ | 62,404 |  |  | $ | 20,499 |  |  | $ | — |  |  | $ | — |  |  | $ | 82,903 |
Total Assets at September 30, 2022 | $ | 1,743,817 |  |  | $ | 84,612 |  |  | $ | 314,672 |  |  | $ | (1,814,947) |  |  | $ | 328,154 |
Goodwill at September 30, 2022 | $ | 117,813 |  |  | $ | 2,530 |  |  | $ | — |  |  | $ | — |  |  | $ | 120,343 |
Nine Months Ended September 30, 2021
| Retail Electricity |  | Retail Natural Gas |  | Corporate and Other |  | Eliminations |  | Consolidated
Total revenues | $ | 242,548 |  |  | $ | 51,173 |  |  | $ | (542) |  |  | $ | — |  |  | $ | 293,179 |
Retail cost of revenues | 179,762 |  |  | 18,880 |  |  | — |  |  | — |  |  | 198,642 |
Gross Profit | $ | 62,786 |  |  | $ | 32,293 |  |  | $ | (542) |  |  | $ | — |  |  | $ | 94,537 |
Less: |  |  |  |  |  |  |  |  |
Net asset optimization expense | — |  |  | — |  |  | (542) |  |  | — |  |  | (542) |
Net gain on non-trading derivatives | 51,957 |  |  | 6,257 |  |  | — |  |  | — |  |  | 58,214 |
Current period settlements on non-trading derivatives | (5,246) |  |  | (808) |  |  | — |  |  | — |  |  | (6,054) |
Non-recurring event - Winter Storm Uri | (64,403) |  |  | — |  |  | — |  |  | — |  |  | (64,403) |
Retail Gross Margin | $ | 80,478 |  |  | $ | 26,844 |  |  | $ | — |  |  | $ | — |  |  | $ | 107,322 |
Total Assets at December 31, 2021 | $ | 1,527,456 |  |  | $ | 7,320 |  |  | $ | 311,556 |  |  | $ | (1,491,056) |  |  | $ | 355,276 |
Goodwill at December 31, 2021 | $ | 117,813 |  |  | $ | 2,530 |  |  | $ | — |  |  | $ | — |  |  | $ | 120,343 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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