Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 05, 2021 | |
Entity Registrant Name | Genie Energy Ltd. | |
Entity Central Index Key | 0001528356 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Shell Company | false | |
Document Fiscal Period Focus | Q3 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Document Fiscal Year Focus | 2021 | |
Entity Emerging Growth Company | false | |
Entity File Number | 1-35327 | |
Entity Tax Identification Number | 45-2069276 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Trading Symbol | GNE | |
Title of 12(b) Security | Class B common stock, par value $0.01 per share | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Address, Address Line One | 520 Broad Street | |
Entity Address, City or Town | Newark | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07102 | |
City Area Code | 973 | |
Local Phone Number | 438-3500 | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 1,574,326 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 24,636,113 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 33,983 | $ 36,913 |
Restricted cash—short-term | 6,528 | 6,271 |
Marketable equity securities | 8,048 | 5,089 |
Trade accounts receivable, net of allowance for doubtful accounts of $16,465 and $8,793 at September 30, 2021 and December 31, 2020, respectively | 58,593 | 60,778 |
Inventories | 23,648 | 16,930 |
Prepaid expenses | 5,767 | 4,633 |
Other current assets | 15,924 | 3,206 |
Total current assets | 152,491 | 133,820 |
Property and equipment, net | 281 | 259 |
Goodwill | 25,627 | 25,929 |
Other intangibles, net | 3,768 | 11,645 |
Deferred income tax assets, net | 2,005 | 4,882 |
Other assets | 9,448 | 10,804 |
Total assets | 193,620 | 187,339 |
Current liabilities: | ||
Loan payable | 1,453 | |
Trade accounts payable | 39,760 | 43,005 |
Accrued expenses | 51,339 | 42,762 |
Contract liability | 8,317 | 5,609 |
Income taxes payable | 6,435 | 1,893 |
Due to IDT Corporation, net | 109 | 257 |
Other current liabilities | 2,132 | 2,494 |
Total current liabilities | 108,092 | 97,473 |
Other liabilities | 2,965 | 3,787 |
Total liabilities | 111,057 | 101,260 |
Commitments and contingencies | ||
Genie Energy Ltd. stockholders’ equity: | ||
Preferred stock, $0.01 par value; authorized shares—10,000: Series 2012-A, designated shares—8,750; at liquidation preference, consisting of 2,322 shares issued and outstanding at September 30, 2021 and December 31, 2020 | 19,743 | 19,743 |
Additional paid-in capital | 141,787 | 140,746 |
Treasury stock, at cost, consisting of 1,982 and 1,320 shares of Class B common stock at September 30, 2021 and December 31, 2020, respectively | (13,922) | (9,839) |
Accumulated other comprehensive income | 2,994 | 3,827 |
Accumulated deficit | (56,673) | (56,658) |
Total Genie Energy Ltd. stockholders’ equity | 94,211 | 98,095 |
Noncontrolling interests | (11,648) | (12,016) |
Total equity | 82,563 | 86,079 |
Total liabilities and equity | 193,620 | 187,339 |
Class A Common Stock [Member] | ||
Genie Energy Ltd. stockholders’ equity: | ||
Common stock, value | 16 | 16 |
Total equity | 16 | 16 |
Class B Common Stock [Member] | ||
Genie Energy Ltd. stockholders’ equity: | ||
Common stock, value | 266 | 260 |
Total equity | $ 266 | $ 260 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Allowance for doubtful accounts, trade accounts receivable (in dollars) | $ 16,465 | $ 8,793 |
Preferred stock, par value (In dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Treasury stock, shares | 1,320 | |
Series 2012-A Preferred Stock | ||
Designated shares | 8,750 | 8,750 |
Preferred stock, shares issued | 2,322 | 2,322 |
Preferred stock, shares outstanding | 2,322 | 2,322 |
Class A Common Stock [Member] | ||
Common stock, par value (In dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,500 | 3,500 |
Common stock, shares issued | 1,574 | 1,574 |
Common stock, shares outstanding | 1,574 | 1,574 |
Class B Common Stock [Member] | ||
Common stock, par value (In dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000 | 200,000 |
Common stock, shares issued | 26,582 | 25,966 |
Common stock, shares outstanding | 24,600 | 24,646 |
Treasury stock, shares | 1,982 | 1,320 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenues: | |||||
Total revenues | $ 113,164 | $ 96,326 | $ 346,211 | $ 276,452 | |
Cost of revenues | 70,788 | 69,010 | 262,540 | 200,744 | |
Gross profit | 42,376 | 27,316 | 83,671 | 75,708 | |
Operating expenses and losses: | |||||
Selling, general and administrative (i) | [1] | 28,853 | 18,831 | 75,366 | 54,287 |
Impairment of assets | 6,650 | 6,650 | 993 | ||
Income from operations | 6,873 | 8,485 | 1,655 | 20,428 | |
Interest income | 8 | 21 | 28 | 164 | |
Interest expense | (99) | (48) | (311) | (223) | |
Equity in the net income (loss) in equity method investees, net | 52 | (146) | 215 | (1,698) | |
Unrealized gain on marketable equity securities and investments | (5,312) | 1,710 | |||
Gain on sale of subsidiary | 4,226 | ||||
Other (loss) income, net | (17) | 291 | 267 | 390 | |
Income before income taxes | 1,505 | 8,603 | 7,790 | 19,061 | |
Provision for income taxes | (3,822) | (2,406) | (7,515) | (5,563) | |
Net (loss) income | (2,317) | 6,197 | 275 | 13,498 | |
Net loss attributable to noncontrolling interests | 31 | 531 | 821 | 1,026 | |
Net (loss) income attributable to Genie Energy Ltd. | (2,286) | 6,728 | 1,096 | 14,524 | |
Dividends on preferred stock | (370) | (370) | (1,111) | (1,111) | |
Net (loss) income attributable to Genie Energy Ltd. common stockholders | $ (2,656) | $ 6,358 | $ (15) | $ 13,413 | |
(Loss) earnings per share attributable to Genie Energy Ltd. common stockholders: | |||||
Basic | $ 0.10 | $ 0.25 | $ 0 | $ 0.51 | |
Diluted | $ 0.10 | $ 0.24 | $ 0 | $ 0.50 | |
Weighted-average number of shares used in calculation of earnings per share: | |||||
Basic | 25,514 | 25,928 | 25,867 | 26,107 | |
Diluted | 25,514 | 26,769 | 25,867 | 26,839 | |
Dividends declared per common share | $ 0.085 | $ 0.245 | |||
Electricity [Member] | |||||
Revenues: | |||||
Total revenues | $ 103,799 | $ 91,793 | $ 290,783 | $ 227,671 | |
Natural Gas [Member] | |||||
Revenues: | |||||
Total revenues | 7,609 | 2,724 | 48,458 | 24,190 | |
Other [Member] | |||||
Revenues: | |||||
Total revenues | $ 1,756 | $ 1,809 | $ 6,970 | $ 24,591 | |
[1] | Stock-based compensation included in selling, general and administrative expenses |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation included in selling, general and administrative expenses | $ 531 | $ 447 | $ 1,680 | $ 1,331 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (2,317) | $ 6,197 | $ 275 | $ 13,498 |
Other comprehensive loss (income): | ||||
Foreign currency translation adjustments | (133) | 173 | (370) | 214 |
Comprehensive (loss) income | (2,450) | 6,370 | (95) | 13,712 |
Comprehensive (loss) gain attributable to noncontrolling interests | (20) | 605 | 540 | 1,098 |
Comprehensive (loss) income attributable to Genie Energy Ltd. | $ (2,470) | $ 6,975 | $ 445 | $ 14,810 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Class A Common Stock | Class B Common Stock | Preferred Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income | Accumulated Deficit | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2019 | $ 80,930 | $ 16 | $ 258 | $ 19,743 | $ 139,615 | $ (7,675) | $ 2,519 | $ (59,671) | $ (13,875) |
Beginning Balance, shares at Dec. 31, 2019 | 1,574 | 25,785 | 2,322 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (370) | (370) | |||||||
Dividends, Common Stock, Cash | (1,975) | (1,975) | |||||||
Stock Based Compensation | 483 | 483 | |||||||
Stock-based compensation, shares | 20 | ||||||||
Repurchase of Class B common stock from stock purchase program | (88) | (88) | |||||||
Repurchase of Class B common stock from stock repurchase program, shares | |||||||||
Noncontrolling interest from acquisition of Lumo | (29) | 29 | |||||||
Deconsolidation of subsidiaries | (98) | (6) | (92) | ||||||
Other comprehensive (loss) income | (94) | (283) | 189 | ||||||
Net (loss) income | 6,421 | 5,832 | 589 | ||||||
Ending Balance at Mar. 31, 2020 | 85,209 | $ 16 | $ 258 | $ 19,743 | 140,069 | (7,763) | 2,230 | (56,184) | (13,160) |
Ending Balance, Shares at Mar. 31, 2020 | 1,574 | 25,805 | 2,322 | ||||||
Beginning Balance at Dec. 31, 2019 | 80,930 | $ 16 | $ 258 | $ 19,743 | 139,615 | (7,675) | 2,519 | (59,671) | (13,875) |
Beginning Balance, shares at Dec. 31, 2019 | 1,574 | 25,785 | 2,322 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net (loss) income | 13,498 | ||||||||
Ending Balance at Sep. 30, 2020 | 86,498 | $ 16 | $ 258 | $ 19,743 | 140,935 | (9,572) | 2,800 | 52,691 | (14,991) |
Ending Balance, Shares at Sep. 30, 2020 | 1,574 | 25,808 | 2,322 | ||||||
Beginning Balance at Mar. 31, 2020 | 85,209 | $ 16 | $ 258 | $ 19,743 | 140,069 | (7,763) | 2,230 | (56,184) | (13,160) |
Beginning Balance, shares at Mar. 31, 2020 | 1,574 | 25,805 | 2,322 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (370) | (370) | |||||||
Dividends, Common Stock, Cash | (2,240) | (2,240) | |||||||
Stock Based Compensation | 401 | 401 | |||||||
Repurchase of Class B common stock from stock purchase program | (1,458) | (1,458) | |||||||
Purchase of subsidiary | 45 | 45 | |||||||
Other comprehensive (loss) income | 135 | 323 | (188) | ||||||
Net (loss) income | 880 | 1,963 | (1,083) | ||||||
Ending Balance at Jun. 30, 2020 | 82,602 | $ 16 | $ 258 | $ 19,743 | 140,470 | (9,221) | 2,553 | (56,831) | (14,386) |
Ending Balance, Shares at Jun. 30, 2020 | 1,574 | 25,805 | 2,322 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (370) | (370) | |||||||
Dividends, Common Stock, Cash | (2,218) | (2,218) | |||||||
Stock Based Compensation | 447 | 447 | |||||||
Stock-based compensation, shares | |||||||||
Repurchase of Class B common stock from stock repurchase program | (88) | (88) | |||||||
Repurchase of Class B common stock from stock repurchase program, shares | |||||||||
Restricted Class B common stock purchased from employees | (263) | (263) | |||||||
Exercise of stock options | 18 | 18 | |||||||
Exercise of stock options, shares | 3 | ||||||||
Other comprehensive (loss) income | 173 | 247 | (74) | ||||||
Net (loss) income | 6,197 | 6,728 | (531) | ||||||
Ending Balance at Sep. 30, 2020 | 86,498 | $ 16 | $ 258 | $ 19,743 | 140,935 | (9,572) | 2,800 | 52,691 | (14,991) |
Ending Balance, Shares at Sep. 30, 2020 | 1,574 | 25,808 | 2,322 | ||||||
Beginning Balance at Dec. 31, 2020 | 86,079 | $ 16 | $ 260 | $ 19,743 | 140,746 | (9,839) | 3,827 | (56,658) | (12,016) |
Beginning Balance, shares at Dec. 31, 2020 | 1,574 | 25,811 | 2,322 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (370) | (370) | |||||||
Stock Based Compensation | 589 | $ 1 | 588 | ||||||
Stock-based compensation, shares | 121 | ||||||||
Issuance of Class B common stock to Howard Jonas (in shares) | 20 | ||||||||
Issuance of Class B common stock to Howard Jonas | 162 | 162 | |||||||
Other comprehensive (loss) income | (342) | (572) | 230 | ||||||
Net (loss) income | (2,694) | (1,986) | (708) | ||||||
Ending Balance at Mar. 31, 2021 | 83,424 | $ 16 | $ 261 | $ 19,743 | 141,496 | (9,839) | 3,255 | (59,014) | (12,494) |
Ending Balance, Shares at Mar. 31, 2021 | 1,574 | 25,952 | 2,322 | ||||||
Beginning Balance at Dec. 31, 2020 | 86,079 | $ 16 | $ 260 | $ 19,743 | 140,746 | (9,839) | 3,827 | (56,658) | (12,016) |
Beginning Balance, shares at Dec. 31, 2020 | 1,574 | 25,811 | 2,322 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net (loss) income | 275 | ||||||||
Ending Balance at Sep. 30, 2021 | 82,563 | $ 16 | $ 266 | $ 19,743 | 141,787 | (13,922) | 2,994 | (56,673) | (11,648) |
Ending Balance, Shares at Sep. 30, 2021 | 1,574 | 26,428 | 2,322 | ||||||
Beginning Balance at Mar. 31, 2021 | 83,424 | $ 16 | $ 261 | $ 19,743 | 141,496 | (9,839) | 3,255 | (59,014) | (12,494) |
Beginning Balance, shares at Mar. 31, 2021 | 1,574 | 25,952 | 2,322 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (370) | (370) | |||||||
Dividends, Common Stock, Cash | |||||||||
Stock Based Compensation | 560 | 560 | |||||||
Stock-based compensation, shares | |||||||||
Issuance of Class B common stock to Howard Jonas (in shares) | |||||||||
Repurchase of Class B common stock from stock purchase program | (2,435) | (2,435) | |||||||
Repurchase of Class B common stock from stock repurchase program, shares | |||||||||
Purchase of subsidiary | |||||||||
Acquisition of noncontrolling interest of subidiary | (69) | (182) | 113 | ||||||
Other comprehensive (loss) income | 105 | 105 | |||||||
Net (loss) income | 5,285 | 5,367 | (82) | ||||||
Ending Balance at Jun. 30, 2021 | 86,500 | $ 16 | $ 261 | $ 19,743 | 142,056 | (12,274) | 3,178 | (54,017) | (12,463) |
Ending Balance, Shares at Jun. 30, 2021 | 1,574 | 25,952 | 2,322 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Dividends on preferred stock | (370) | (370) | |||||||
Stock Based Compensation | 531 | $ 3 | 528 | ||||||
Stock-based compensation, shares | 248 | ||||||||
Repurchase of Class B common stock from stock purchase program | (1,412) | (1,412) | |||||||
Restricted Class B common stock purchased from employees | 236 | 236 | |||||||
Acquisition of noncontrolling interest of subidiary | 2 | (797) | 795 | ||||||
Other comprehensive (loss) income | (133) | (184) | 51 | ||||||
Net (loss) income | (2,317) | (2,286) | (31) | ||||||
Ending Balance at Sep. 30, 2021 | $ 82,563 | $ 16 | $ 266 | $ 19,743 | $ 141,787 | $ (13,922) | $ 2,994 | $ (56,673) | $ (11,648) |
Ending Balance, Shares at Sep. 30, 2021 | 1,574 | 26,428 | 2,322 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Acquisition of noncontrolling interest of subidiary, shares | 228,000 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends on preferred stock | $ 0.1594 | $ 0.1594 | $ 0.1594 | $ 0.01594 | $ 0.01594 | $ 0.01594 |
Dividends on common stock | $ 0.085 | $ 0.085 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Net income | $ 275 | $ 13,498 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,326 | 2,219 |
Impairment of assets | 6,650 | 993 |
Deferred income taxes | 2,877 | 4,838 |
Provision for doubtful accounts receivable | 8,018 | 2,209 |
Unrealized gain marketable equity securities and investment | (1,710) | |
Stock-based compensation | 1,680 | 1,331 |
Equity in the net (income) loss in equity method investees | (215) | 1,698 |
Gain on sale of subsidiary | (4,226) | |
Loss on sale of assets held for sale | 456 | |
Gain on deconsolidation of subsidiaries | (98) | |
Change in assets and liabilities: | ||
Trade accounts receivable | (7,570) | 2,827 |
Inventory | (6,718) | 3,218 |
Prepaid expenses | (1,524) | 2,166 |
Other current assets and other assets | (13,381) | (633) |
Trade accounts payable, accrued expenses and other current liabilities | 5,414 | 2,018 |
Contract liability | 2,796 | (12,393) |
Due to IDT Corporation | (148) | (266) |
Income taxes payable | 4,542 | (43) |
Net cash provided by operating activities | 86 | 24,038 |
Investing activities | ||
Capital expenditures | (158) | (125) |
Proceeds from disposal of assets held for sale | 48 | |
Proceeds from the sale of a subsidiary, net of cash disposed | 4,550 | |
Purchase of marketable equity securities | (1,000) | |
Investments in equity method investee | (1,502) | |
Purchase of short-term equity investments | (750) | |
Payment of acquisition of intangible | (298) | |
Repayment of notes receivable | 14 | 14 |
Net cash provided by (used in) investing activities | 2,656 | (1,863) |
Financing activities | ||
Dividends paid | (1,111) | (7,543) |
Proceeds from revolving line of credit | 1,000 | |
Repayment of revolving line of credit | (3,514) | |
Proceeds from loan | 1,395 | |
Purchases of Class B common stock | (3,847) | (1,634) |
Repayment of notes payable | (25) | |
Proceeds from exercise of stock options | 18 | |
Purchase of Class B common stock from employees upon vesting of restricted shares | (236) | (263) |
Repayment of loan payable | (930) | |
Net cash used in financing activities | (5,194) | (11,496) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (221) | (3) |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (2,673) | 10,676 |
Cash, cash equivalents, and restricted cash at beginning of period | 43,184 | $ 38,554 |
Cash, cash equivalents, and restricted cash at end of period | $ 40,511 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1—Basis of Presentation The accompanying unaudited consolidated financial statements of Genie Energy Ltd. and its subsidiaries (the “Company” or “Genie”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. Securities and Exchange Commission (the “SEC”). The Company owns 99.5% of its subsidiary, Genie Energy International Corporation (“GEIC”), which owns 100% of Genie Retail Energy (“GRE”), 100% of Genie Retail Energy International LLC ("GRE International" or "GREI") and 95.5% of Genie Renewables. In March 2021, the Company modified its management reporting to rename the Genie Energy Services ("GES") segment to the Genie Renewables segment. GRE owns and operates retail energy providers (“REPs”), including IDT Energy, Inc. (“IDT Energy”), Residents Energy, Inc. (“Residents Energy”), Town Square Energy, LLC and Town Square Energy East, LLC (collectively, "TSE"), Southern Federal Power LLC ("Southern Federal") and Mirabito Natural Gas (“Mirabito”). GRE's REP businesses resell electricity and natural gas to residential and small business customers primarily in the Eastern and Midwestern United States and Texas. GRE International holds the Company's 100% interest in Shoreditch Energy Limited, a REP that serves retail customers in the United Kingdom under the name Orbit Energy, t he Company's 91.7% interest in Lumo Energia Oyj ("Lumo Finland"), a REP serving residential customers in Finland, and its 98.8% interest in Lumo Energi AB ("Lumo Sweden"), which was formed in 2019 to serve retail energy customers in Sweden. GRE International also held the Company's 98.8 % interest in venture in Japan , which the Company sold on May 11, 2021. Genie Renewables holds Genie Solar Energy, a rooftop solar system sales and general contracting company and a % interest in CityCom Solar, a marketer of community solar energy solution, oversees Diversegy LLC (" "), a retail energy advisory and brokerage company that serves commercial and industrial customers throughout the United States and manages Prism Solar Technology, Inc. ("Prism"), a solar solutions company that is engaged in U.S.-based manufacturing of solar panels, solar installation design and solar energy project management, Energy Price Volatility in Japan and Texas In January 2021, weather volatility and the lack of adequate gas reserves significantly increased the price of energy at Japan Electric Power Exchange ("JEPX") for an extended period of time. The spike in demand associated with this situation, exposed Genie Japan to unexpected cost increases. Genie Japan incurred approximately $ million in additional costs related to the price increases, which were included in the cost of revenue in the three months ended March 31, 2021. In February of 2021, the State of Texas experienced unprecedented cold weather and snow, which was named Winter Storm Uri. With the grid overtaxed due to demand and weather-related reduced supply and rolling blackouts being enforced, by order of the Electricity Reliability Council of Texas ("ERCOT"), real-time commodity prices during the crisis escalated significantly. Although GRE's commitment for their customers in Texas was hedged for foreseen winter weather conditions, the market conditions exposed the Company to significant unexpected cost increases. In the three and nine months ended September 30, 2021, GRE recognized approximately $1.0 million and $13.0 million, respectively, in additional costs related to the situation, which were included in the cost of revenue in the consolidated statements of operation. In June 2021, the state legislature of the State of Texas passed House Bill 4492 (“HB 4492”) which includes certain provisions for financing certain costs associated with electric markets caused by Winter Storm Uri. Pursuant to HB 4492, two categories of charges associated with Winter Storm Uri are to be securitized and the proceeds of the securitization will be provided to the load serving entities who originally incurred the charges. Under HB 4492, the Company is entitled to recover a portion of the costs incurred from the effect of Winter Storm Uri with a calculated range of $1.5 million to $2.6 million. In the second quarter of 2021, the Company recorded a reduction in cost of revenues of $1.5 million. In September 2021, the Public Utility Commission of Texas ("PUC") approved the Debt Obligation Order to grant ERCOT's application for a debt financing mechanism to pay for certain costs associated with Winter Storm Uri. Under the Debt Obligation Order, the amount that the Company is entitled to recover increased to approximately $3.4 million. For the three months ended September 30, 2021, the Company recorded an additional reduction in the cost of revenues of $1.9 million for an aggregate amount of $3.4 million for the nine months ended September 30, 2021. Natural Gas Price Volatility in United Kingdom In September 2021, the Company initiated the process of spinning off the operations of GRE International into a separate publicly-traded company. After initiation of the spin-off process, the natural gas and energy market in the United Kingdom deteriorated which prompted the Company to suspend the spin-off and start the process of orderly withdrawal from the United Kingdom market. For the three and nine months ended September 30, 2021, the Company recognized $6.7 million impairment of assets in the consolidated statements of operations related to the planned exit from United Kingdom. Seasonality and Weather The weather and the seasons, among other things, affect GRE’s revenues. Weather conditions have a significant impact on the demand for natural gas used for heating and electricity used for heating and cooling. Typically, colder winters increase demand for natural gas and electricity, and hotter summers increase demand for electricity. Milder winters or summers have the opposite effect. Unseasonable temperatures in other periods may also impact demand levels. Natural gas revenues typically increase in the first quarter due to increased heating demands and electricity revenues typically increase in the third quarter due to increased air conditioning use. Approximately 47.7% and 46.9% of GRE’s natural gas revenues for the relevant years were generated in the first quarters of 2020 and 2019, respectively, when demand for heating was highest. Although the demand for electricity is not as seasonal as natural gas (due, in part, to usage of electricity for both heating and cooling), approximately 31.8% of GRE’s electricity revenues for the relevant years were generated in the third quarters of 2020 and 2019. GRE’s REPs’ revenues and operating income are subject to material seasonal variations, and the interim financial results are not necessarily indicative of the estimated financial results for the full year. Coronavirus Disease (COVID- 19 Starting in the first quarter of 2020 2019 19 For the three and nine months ended September 30, 2021, the impacts of COVID-19 are evident in several key aspects of the Company's business operations and the corresponding financial impact has been mixed. The Company's customer base is predominantly residential, so the Company has benefited from the increased demand for residential electricity as many customers are working from and spending more time in their homes. On the other hand, like other retail providers, the Company suspended its face-to-face customer acquisition programs in March 2020 as public health measures were implemented to combat COVID-19, resulting in a decrease in gross meter acquisitions. The reduction in gross meter acquisitions during the second quarter of 2021 resulted in a slight decline in domestic meters served during the third quarter of 2021. Churn for the third quarter of 2021 slightly increased compared to the same period in 2020, however, below the churn levels that the Company typically experienced before March 2020. In the fourth quarter of 2020, authorities began relaxing certain COVID-19 public health restrictions in some of GRE's domestic markets facilitating a partial reactivation of the previously curtailed customer acquisition channels. There are many uncertainties regarding the impacts of the COVID- 19 |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 9 Months Ended |
Sep. 30, 2021 | |
Cash, Cash Equivalents, and Restricted Cash [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | Note 2—Cash, Cash Equivalents, and Restricted Cash The following table provides a rec onciliati ash September 30, 2021 December 31, 2020 (in thousands) Cash and cash equivalents $ 33,983 $ 36,913 Restricted cash—short-term 6,528 6,271 Total cash, cash equivalents, and restricted cash $ 40,511 $ 43,184 Restricted cash—short-term includes amounts set aside in accordance with the Amended and Restated Preferred Supplier Agreement with BP Energy Company (“BP”) (see Note Note 18 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Inventories [Abstract] | |
Inventories | Note 3—I nventories Inventories consisted of the following: September 30, 2021 December 31, 2020 (in thousands) Natural gas $ 1,965 $ 1,021 Renewable credits 21,395 15,574 Solar Panels: Finished goods 288 335 Totals $ 23,648 $ 16,930 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 4 Revenue from the single performance obligation to deliver a unit of electricity and/or natural gas is recognized as the customer simultaneously receives and consumes the benefit. GRE and Genie Japan record unbilled revenues for the estimated amount customers will be billed for services rendered from the time meters were last read to the end of the respective accounting period. The unbilled revenue is estimated each month based on available per day usage data, the number of unbilled days in the period and historical trends. Several utility companies offer purchase of receivable, or POR, programs in most of the service territories in which GRE operates, and participate in POR programs for a majority of their receivables. The Company estimates variable consideration related to its rebate programs using the expected value method and a portfolio approach. The Company’s estimates related to rebate programs are based on the terms of the rebate program, the customer’s historical electricity and natural gas consumption, the customer’s rate plan, and a churn factor. Taxes that are imposed on the Company’s sales and collected from customers are excluded from the transaction price. Revenues from Orbit Energy are accrued based on an estimate of the quantity in units of electricity or natural gas supplied to customers by profile class. The estimate is made using historical consumption patterns, industry estimated consumption rates, and takes into consideration industry reconciliation processes. Revenue from sales of solar panels are recognized at a point in time following the transfer of control of the solar panels to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. For sales contracts that contain multiple performance obligations, such as the shipment or delivery of solar modules, the Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices, or estimates of such prices, and recognize the related revenue as control of each individual product is transferred to the customer, in satisfaction of the corresponding performance obligations. Revenues from sale of solar panels are included in other revenues in the consolidated statements of operations. The Company recognizes the incremental costs of obtaining a contract with a customer as an asset if it expects the benefit of those costs to be longer than one year. The Company determined that certain sales commissions to acquire customers meet the requirements to be capitalized. For GRE, the Company applies a practical expedient to expense costs as incurred for sales commissions to acquire customers as the period would have been one year or less. Incremental customer acquisition cost of certain GRE International entities are capitalized and amortized over the range of between eighteen twenty-four . These costs and the related amortization are recorded within sales and marketing expenses. Total capitalized customer acquisition costs to obtain customer contracts were $0.2 million and $0.8 million for the three and nine months ended September 30, 2021 , respectively. Total capitalized customer acquisition costs to obtain customer contracts were $0.2 million an d $0.6 milli months ended included in other current assets and other assets, respectively, on the consolidated balance sheet. The Company recognized $0.2 million of amortization of capitalized customer acquisition cost, in each of the three months ended September 30, 2021 and 2020. The Company recognized $ 0.6 2020 Disaggregated Revenues The following table shows the Company’s revenues disaggregated by pricing plans offered to customers: Electricity Natural Gas Other Total (in thousands) Three Months Ended September 30, 2021 Fixed rate $ 57,429 $ 5,027 $ — $ 62,456 Variable rate 46,370 2,582 — 48,952 Other — — 1,756 1,756 Total $ 103,799 $ 7,609 $ 1,756 $ 113,164 Three Months Ended September 30, 2020 Fixed rate $ 41,707 $ 631 $ — $ 42,338 Variable rate 50,086 2,093 — 52,179 Other — — 1,809 1,809 Total $ 91,793 $ 2,724 $ 1,809 $ 96,326 Nine Months Ended September 30, 2021 Fixed rate $ 161,279 $ 26,063 $ — $ 187,342 Variable rate 129,504 22,395 — 151,899 Other — — 6,970 6,970 Total $ 290,783 $ 48,458 $ 6,970 $ 346,211 Nine Months Ended September 30, 2020 Fixed rate $ 99,278 $ 3,200 $ — $ 102,478 Variable rate 128,393 20,990 — 149,383 Other — — 24,591 24,591 Total $ 227,671 $ 24,190 $ 24,591 $ 276,452 The following table shows the Company’s revenues disaggregated by non-commercial and commercial channels: Electricity Natural Gas Other Total (in thousands) Three Months Ended September 30, 2021 Non-Commercial Channel $ 79,476 $ 5,948 $ — $ 85,424 Commercial Channel 24,323 1,661 — 25,984 Other — — 1,756 1,756 Total $ 103,799 $ 7,609 $ 1,756 $ 113,164 Three Months Ended September 30, 2020 Non-Commercial Channel $ 75,214 $ 1,747 $ — $ 76,961 Commercial Channel 16,579 977 — 17,556 Other — — 1,809 1,809 Total $ 91,793 $ 2,724 $ 1,809 $ 96,326 Nine Months Ended September 30, 2021 Non-Commercial Channel $ 234,534 $ 43,410 $ — $ 277,944 Commercial Channel 56,249 5,048 — 61,297 Other — — 6,970 6,970 Total $ 290,783 $ 48,458 $ 6,970 $ 346,211 Nine Months Ended September 30, 2020 Non-Commercial Channel $ 190,970 $ 20,750 $ — $ 211,720 Commercial Channel 36,701 3,440 — 40,141 Other — — 24,591 24,591 Total $ 227,671 $ 24,190 $ 24,591 $ 276,452 Contract Liabilities Certain revenue contracts at Genie Renewables include provisions that require advance payment from customers. These advance payments received under revenue contracts are recognized as revenue as the Company satisfies the performance obligations to the other party. A portion of the transaction price allocated to the performance obligations to be satisfied in the future periods is recognized as contract liability. Customers of Orbit Energy can elect to be on a budget plan. Under this type of plan, a monthly installment amount is calculated based on estimated annual usage. Contract liabilities are adjusted monthly based on actual and estimated usage of the customers. Annually, the budget plan is reconciled to actual annual usage. The following table summarized the changes in the liabilities. Nine Months Ended September 30, 2021 2020 (in thousands) Contract liability, beginning $ 5,609 $ 13,426 Recognition of revenue included in the beginning of year contract liability (4,468 ) (13,004 ) Additions during the period, net of revenue recognized during the period 7,158 611 Cumulative translation adjustments 18 — Contract liability, end $ 8,317 $ 1,033 |
Acquisition and Divestiture
Acquisition and Divestiture | 9 Months Ended |
Sep. 30, 2021 | |
Acquisition and Divestiture [Abstract] | |
Acquisition and Divestiture | Note 5—Acquisition and Divestiture Acquisition of Controlling Interest of Shoreditch Energy Limited On July 17, 2017 2020 October 8, 2020. October 8, 2020 Prior to the Company acquiring the remain ing 23.0% o f Shoreditch, EGC had significant participation rights in the management of Shoreditch that limited GEUK’s ability to direct the activities that most significantly impact Shoreditch’s economic performance. GEUK, therefore, accounted for its ownership interest in Shoreditch using the equity method since GEUK had the ability to exercise significant influence over its operating and financial matters, although it did not control Shoreditch. On October 8, 2020 2018 October 8, 2020 nil Following the transaction, EGC has no rights in the management of Shoreditch and GEUK has complete control over the activities of Shoreditch. The Company conducted an assessment of assets and liabilities related to the acquisition of Shoreditch. The impact of the acquisition’s purchase price allocations on the Company’s consolidated balance sheet and the acquisition date fair value of the total consideration transferred were as follows: (in thousands) Cash $ 2,681 Trade accounts receivable 8,008 Other current assets 843 Intangible assets: Trademark (10-year useful life) 1,594 Non-compete agreements (2-year useful life) 1,956 Customer relationships (2-year useful life) 3,620 Goodwill 13,426 Other assets 657 Accounts payable and other current liabilities (20,490 ) Contract liabilities (5,152 ) Net assets $ 7,143 Goodwill was allocated to the GRE International segment. Goodwill is the excess of the consideration transferred over the net assets recognized and represents the expected revenue and cost synergies of the combined company and assembled workforce. Goodwill recognized as a result of the acquisition is not deductible for income tax purposes. The Company recognized a gain of $5.5 million upon consolidation of Orbit Energy in the consolidated statement of operations for the year ended December 31, 2020, pertaining to the estimated fair value of the Company's noncontrolling interest prior to the acquisition, which is based on the amount paid by the Company for the remaining 23.0% of Shoreditch. The net book value of the Company's investments in Shoreditch was nil immediately prior to the acquisition. Divestiture of Genie Japan In March 2021, the Company initiated a plan to sell certain assets and liabilities of Genie Japan. In the first quarter of 2021 , certain assets and liabilities of Genie Japan were reclassified as assets and liabilities held for sale and reported at lower of fair value less cost to sell and net book value. On April 26, 2021, the Company entered into an Equity Purchase Agreement ("Purchase Agreement") with Hanhwa Q Cells Japan Co., Ltd. ("Hanhwa"), pursuant to which, the Company agreed to sell its interest in Genie Japan for ¥570.0 million (equivalent to approximately $ 5.3 570.0 5.2 0.6 4.2 The assets and liabilities divested which was previously classified as held for sale as of March 31, 2021 included the following: (in t hou Cash $ 83 Trade accounts receivable `1,737 Prepaid and other current assets 391 Intangible (license) 540 Other noncurrent assets 296 Accounts payable (611 ) Accrued expenses and other current liabilities (588 ) Loans payable (1,372 ) Cumulative translation adjustment (181 ) Noncontrolling interest 114 Liabilities held for sale included in other current liabilities $ 409 The assets and liabilities were included in GRE International segment. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 6—Fair Value Measurements The following table presents the balance of assets and liabilities measured at fair value on a recurring basis: Level 1 (1) Level 2 (2) Level 3 (3) Total (in thousands) September 30, 2021 Assets: Marketable equity securities $ 8,048 $ — $ — $ 8,048 Derivative contracts $ 11,398 $ 2,431 $ — $ 13,829 Liabilities: Derivative contracts $ 457 $ — $ — $ 457 December 31, 2020 Assets: Marketable equity securities $ 5,089 $ — $ — $ 5,089 Other current assets (Investments in warrants) $ — $ — $ 259 $ 259 Derivative contracts $ 1,237 $ 118 $ — $ 1,355 Liabilities: Derivative contracts $ 286 $ — $ — $ 286 (1) – quoted prices in active markets for identical assets or liabilities (2) – observable inputs other than quoted prices in active markets for identical assets and liabilities (3) – no observable pricing inputs in the market The Company’s derivative contracts consist of natural gas and electricity put and call options and swaps. The underlying asset in the Company’s put and call options is a forward contract. The Company’s swaps are agreements whereby a floating (or market or spot) price is exchanged for a fixed price over a specified period. The Company did not have any transfers of assets or liabilities between Level 1, Level 2 or Level 3 of the fair value measurement hierarchy during the period ended September 30, 2021 and 2020. Fair Value of Other Financial Instruments The estimated fair value of the Company’s other financial instruments was determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting this data to develop estimates of fair value. Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. Restricted cash—short-term and long-term, trade receivables, due to IDT Corporation, other current assets and other current liabilities. At September 30, 2021 and December 31, 2020, the carrying amounts of these assets and liabilities approximated fair value. The fair value estimate for restricted cash—short-term and long-term was classified as Level 1. The carrying value of other current assets, due to IDT Corporation, and other current liabilities approximated fair value Other assets, revolving line of credit and notes payable. At September 30, 2021 and December 31, 2020, other assets included notes receivable. At September 30, 2021 The primary non-recurring fair value estimates typically are in the context of business acquisitions (Note 5) which involve a combination of Level 2 and Level 3 inputs, goodwill impairment testing, which involves Level 3 inputs, and asset impairments (Notes 8 and 10) which utilize Level 3 inputs. Concentration of Credit Risks The Company holds cash, cash equivalents, and restricted cash at several major financial institutions, which may exceed Federal Deposit Insurance Corporation insured limits. Historically, the Company has not experienced any losses due to such concentration of credit risk. The Company’s temporary cash investments policy is to limit the dollar amount of investments with any one financial institution and monitor the credit ratings of those institutions. While the Company may be exposed to credit losses due to the nonperformance of the holders of its deposits, the Company does not expect the settlement of these transactions to have a material effect on its results of operations, cash flows or financial condition. The following table summarizes the percentage of consolidated revenues from customers that equal or exceed 10.0 % of the Company’s consolidated revenues in the period (no other single customer accounted for more than 10.0 % of consolidated revenues in these periods): Three Months Ended September 30, Nine Months Ended September 2021 2020 2021 2020 Customer A 12 % 13 % na % 11 % na-less than 10.0% of consolidated revenue in the period The following table summarizes the percentage of consolidated trade receivable by customers that equal or exceed 10.0% of consolidated net trade receivables at September 30, 2021 and December 31, 2020 (no other single customer accounted for 10.0% or greater of our consolidated net trade receivable as of September 30, 2021 or December 31, 2020): September 30, 2021 December 31, 2020 Customer A 11 % na Customer B 11 % na na-less than 10.0 % of consolidated revenue in the period |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments [Abstract] | |
Derivative Instruments | Note 7 — The primary risk managed by the Company using derivative instruments is commodity price risk, which is accounted for in accordance with Accounting Standards Codification 815 — Derivatives and Hedging. Natural gas and electricity put and call options and swaps are entered into as hedges against unfavorable fluctuations in market prices of natural gas and electricity. The Company does not apply hedge accounting to these options or swaps, therefore the changes in fair value are recorded in earnings. By using derivative instruments to mitigate exposures to changes in commodity prices, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company minimizes the credit or repayment risk in derivative instruments by entering into transactions with high-quality counterparties. At September 30, 2021, GRE’s swaps and options were traded on the Intercontinental Exchange. GRE International's swaps and options were traded through counterparties. The summarized volume of GRE and GRE International's outstanding contracts and options at September 30, 2021 was as follows (MWh – Megawatt hour and Dth – Decatherm): Settlement Dates Volume Electricity (in MWh) Gas (in Dth) Fourth quarter 2021 215,479 526,400 First quarter 2022 173,802 851,800 Second quarter 2022 49,681 112,800 Third quarter 2022 61,992 63,940 Fourth quarter 2022 34,312 70,850 First quarter 2023 19,456 82,500 Second quarter 2023 19,456 50,600 Third quarter 2023 19,152 32,350 Fourth quarter 2023 19,152 32,500 First quarter 2024 — 29,950 Second quarter 2024 — 18,900 Third quarter 2024 — 6,250 The fair value of outstanding derivative instruments recorded in the accompanying consolidated balance sheets were as follows: Asset Derivatives Balance Sheet Location September 30, 2021 December 31, 2020 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current assets $ 12,671 $ 1,338 Energy contracts and options Other assets 1,158 17 Total derivatives not designated or not qualifying as hedging instruments — $ 13,829 $ 1,355 Liability Derivatives Balance Sheet Location September 30, December 31, Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current liabilities $ 346 245 Energy contracts and options Other liabilities 111 41 Total derivatives not designated or not qualifying as hedging instruments — Liabilities $ 457 $ 286 ( 1 The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 . The effects of derivative instruments on the consolidated statements of operations was as follows: Amount of Gain Recognized on Derivatives Derivatives not designated or not qualifying as Location of Gain (Loss) Recognized Three Months Ended September 30, Nine Months Ended September 30, hedging instruments on Derivatives 2021 2020 2021 2020 (in thousands) (in thousands) Energy contracts and options Cost of revenues $ 24,305 $ 4,764 $ 29,100 $ 23,352 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 8—Goodwill and Other Intangible Assets The table below reconciles the change in the carrying amount of goodwill for the period from January 1, 2021 to September 30, 2021: GRE GRE International Genie Renewables Total (in thousands) Balance at January 1, 2021 $ 9,998 $ 15,931 $ — $ 25,929 Cumulative translation adjustment — (302 ) — (302 ) Balance at September 30, 2021 $ 9,998 $ 15,629 $ — $ 25,627 In the fourth quarter of 2020, the Company performed a quantitative impairment analysis for its Prism reporting unit (part of the Genie Renewables segment) as a result of lower than expected results of operations in 2020. As a result of this test, the Company concluded that the carrying value of the Prism reporting unit exceeded its fair value of including the allocated goodwill. Therefore, the Company recognized a goodwill impairment charge of $0.4 million. The table below presents information on the Company’s other intangible assets: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization and Impairment Net Balance (in thousands) September 30, 2021 Patents and trademarks 17.0 years $ 5,557 $ 2,781 $ 2,776 Non-compete agreements 3.0 years 2,120 2,117 3 Customer relationships 9.0 years 4,958 4,357 601 Licenses 10.0 years 479 91 388 Total $ 13,114 $ 9,346 $ 3,768 December 31, 2020 Trademark 14.9 years $ 5,534 $ 878 $ 4,656 Non-compete agreement 2.0 years 2,096 75 2,021 Customer relationships 3.1 years 6,907 2,922 3,985 Licenses 10.0 years 1,224 241 983 Total $ 15,761 $ 4,116 $ 11,645 In the third quarter of 2021, as a result of the deterioration of the energy and natural gas market in the United Kingdom, the Company initiated the process of exiting that market which resulted in the impairment of trademark, non-compete agreements and customer relationships of Orbit of $4.7 million, included in the statements of operations. In the second quarter of 2020, Prism renegotiated a contract with its main customer which resulted in impairment of customer relationship of $0.8 million included in the consolidated statements of operations. Amortization expense of intangible assets (including minimal amounts reported in cost of revenues) was $ 0.9 million and $ 3.2 million in the three nine months ended September 30, 2021 , respectively. Amortization expense of intangible assets (including minimal amounts reported in cost of revenues) three nine months ended September 30, 2020 0 million, $0.4 million, $0.4 million, $0.4 million, $0.4 million |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Expenses | |
Accrued Expenses | Note 9—Accrued Expenses Accrued expenses consisted of the following: September 30, 2021 December 31, 2020 (in thousands) Renewable energy $ 35,673 $ 26,474 Liability to customers related to promotions and retention incentives 9,003 9,558 Payroll and employee benefit 3,074 3,534 Other accrued expenses 3,589 3,196 Total accrued expenses $ 51,339 $ 42,762 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 10—Leases The Company entered into operating lease agreements primarily for offices in domestic and foreign locations where it has operations with lease periods expiring between 2021 2030. The Company has no finance leases. The Company determines if a contract is a lease at inception. Right-of-Use ("ROU") assets are included under other assets in the consolidated balance sheet. The current portion of the operating lease liabilities are included in other current liabilities and the noncurrent portion is included in other liabilities in the consolidated balance sheet. ROU assets and operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the incremental borrowing rate, because the interest rate implicit in most of our leases is not readily determinable. The incremental September 30, 2021 December 31, 2020 (in thousands) ROU Assets $ 1,488 $ 4,409 Current portion of operating lease liabilities 1,004 1,327 Noncurrent portion of operating lease liabilities 2,521 3,233 Total $ 3,525 $ 4,560 At September 30, 2021, the weighted average remaining lease term is 8.3 years and the weighted average discount rate is 6.0%. Supplemental cash flow information for ROU assets and operating lease liabilities are as follows: Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: (in thousands) Operating cash flows from operating activities $ 1,377 $ 637 ROU assets obtained in the exchange for lease liabilities Operating leases $ — $ — In the third quarter of 2021, as a result of the deterioration of the energy and natural gas market in the United Kingdom, the Company initiated the process of exiting the market which resulted in the impairment of ROU of $ 1.9 Future lease payments under operating leases as of September 30, 2021 were as follows: (in thousands) Remainder of 2021 $ 308 2022 1,193 2023 1,162 2024 225 2025 233 Thereafter 1,072 Total future lease payments 4,193 Less imputed interest (668 ) Total operating lease liabilities $ 3,525 Rental expenses under operating leases were and $1.4 million in the three and nine months ended September 30, 2021, respectively. Rental expenses under operating leases were $0.2 million and $0.6 million in the three and nine months ended September 30, 2020, respectively. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Equity | Note 11—Equity Dividend Payments The following table summarizes the quarterly dividends paid by the Company to holders of its Series 2021-A Preferred Stock during the nine months ended September 30, 2021 (in thousands, except per share amounts): Declaration Date Dividend Per Share Aggregate Dividend Amount Record Date Payment Date Series 2012-A Preferred Stock (“Preferred Stock”) January 13, 2021 $ 0.1594 $ 370 February 8, 2021 February 16, 2021 April 14, 2021 0.1594 370 April 27, 2021 May 17, 2021 July 8, 2021 0.1594 370 August 9, 2021 August 16, 2021 In March 2021, in light of the losses incurred from the effects of events in Texas and Japan discussed above, the Company suspended the payment of quarterly dividends on its common stock. On October 13, 2021, the Company’s Board of Directors declared a quarterly Base Dividend of $0.1594 per share on the Preferred Stock for the quarter of . The dividend will be paid on or about to stockholders of record as of the close of business . The Delaware General Corporation Law allows companies to declare dividends out of “Surplus,” which is calculated by deducting the par value of the company’s stock from the difference between total assets and total liabilities. The Company has elected to record dividends declared against accumulated deficit. Stock Repurchase Program On March 11, 2013, the Board of Directors of the Company approved a program for the repurchase of up to an aggregate of 7.0 million shares of the Company’s Class B common stock. In the three months ended September 30, 2021, the Company acquired 230,000 shares of Class B common stock under the stock purchase program for an aggregate amount of $1.4 million. In the nine months ended September 30, 2021 , the Company acquired 623,000 shares of Class B common stock under the stock purchase program for an aggregate amount of $ 3.8 In the three months ended September 30, 2020, the Company acquired 11,738 shares of Class B common stock under the stock purchase program for an aggregate amount of $ 0.1 1.6 At September 30, 2021, 5.3 million shares remained available for repurchase under the stock repurchase program. Treasury Stock As of September 30, 2021 and December 31, 2020, there were 2.0 million and 1.3 million outstanding shares of Class B common stock held in the Company's treasury, respectively, with a cost of $13.9 million and $9.8 million, respectively, at a weighted average cost per share of $7.03 Warrants to Purchase Class B Common Stock On June 8, 2018, the Company sold to Howard S. Jonas, the Chairman of the Company’s Board of Directors and then the holder of the controlling portion of the Company's common stock, 1,152,074 shares of the Company’s Class B common stock and warrants to purchase an additional 1,048,218 shares of the Company’s Class B common stock at an exercise price of $4.77 per share for an aggregate exercise price of $5.0 million. The warrants will expire in June 2023 , there were outstanding 1,257,862 warrants to purchase the Company’s Class B common stock at $4.77 per share, all of which will expire in June 2023 Purchase of Equity of Subsidiaries In September 2021, the Company purchased from employees and Howard S. Jonas the 4.3% fully vested interest in GRE International by issuing 218,862 of the Company's Class B common stock. Stock-Based Compensation The Company’s 2011 Stock Option and Incentive Plan (as amended, the "2011 Plan") is intended to provide incentives to executives, employees, directors and consultants of the Company. Incentives available under the Plan include stock options, stock appreciation rights, limited rights, deferred stock units, and restricted stock. The 2011 Plan, is scheduled to expire on October 24, 2021 . The 2011 Plan expired and no new grants are issued, however, outstanding grants are no impacted by the expiration of the plan. On March 8, 2021, the Board of Directors adopted the Company 2021 Stock Option and Incentive Plan (the "2021 Plan"). The 2021 Plan, was approved by the Company's stockholders in May 2021, became effective and replaced the 2011 Plan on May 12, 2021. Similar to the 2011 Plan, the 2021 Plan is intended to provide incentives to executives, employees, directors and consultants of the Company. Incentives available under the 2021 Plan include stock options, stock appreciation rights, limited stock appreciation rights, deferred stock units, and restricted stock. The Plan is administered by the Compensation Committee of the Company’s Board of Directors. The maximum number of shares reserved for the grant of awards under the 2021 Plan is 1.0 million shares of Class B Common Stock. In February 2020, the Company granted certain employees and members of its Board of Directors an aggregate of 305,000 deferred stock units, which were subject to vesting in two tranches upon the achievement of a specified thirty-day average closing price of the Company's Class B common stock within specified periods of time (the "2020 market conditions") and the satisfaction of service-based vesting conditions. Each deferred stock unit entitled the grantee to receive, upon vesting, up to two shares of Class B common stock of the Company upon achievement of market conditions. The 2020 market conditions were not achieved and the awards expired in February 2021. There was no expense recognized for these awards. In February 2021, the Company granted certain employees and members of its Board of Directors an aggregate of 305,000 deferred stock units which will vest in two tranches contingent upon the achievement of a specified thirty-day average closing price of the Company's Class B common stock within a specified period of time (the "2021 market conditions") and the satisfaction of service-based vesting conditions. Each deferred stock unit entitles the recipient to receive, upon vesting, up to two shares of Class B common stock of the Company depending on market conditions. The Company used a Monte Carlo simulation model to estimate the grant-date fair value of the awards. Assumptions and estimates utilized in the model include the risk-free interest rate, dividend yield, expected stock volatility based on a combination of the Company’s historical stock volatility. The 2021 market conditions for vesting of deferred stock units were not met as of September 30, 2021 . As of , there was approximately $5.4 million of total unrecognized stock-based compensation costs related to outstanding and unvested equity-based grants. These costs are expected to be recognized over a weighted-average period of approximately 2.6 years. |
Variable Interest Entity
Variable Interest Entity | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entity [Abstract] | |
Variable Interest Entity | Note 12—Variable Interest Entity Citizens Choice Energy, LLC (“CCE”), is a REP that resells electricity and natural gas to residential and small business customers in the State of New York. The Company does not own any interest in CCE. Since 2011, the Company has provided CCE with substantially all of the cash required to fund its operations. The Company determined that it has the power to direct the activities of CCE that most significantly impact its economic performance and it has the obligation to absorb losses of CCE that could potentially be significant to CCE on a stand-alone basis. The Company therefore determined that it is the primary beneficiary of CCE, and as a result, the Company consolidates CCE within its GRE segment. The net income or loss incurred by CCE was attributed to noncontrolling interests in the accompanying consolidated statements of operations. The Company has an option to purchase 100% of the issued and outstanding limited liability company interests of CCE for one dollar plus the forgiveness of $0.5 million that the Company loaned to CCE in October 2015. The option expires on October 22, 2023. Net loss related to CCE and aggregate net funding provided by the Company were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) (in thousands) Net loss $ (445 ) $ (399 ) $ (818 ) $ (1,147 ) Aggregate funding provided by the Company, net $ (393 ) $ (932 ) $ (921 ) $ (1,454 ) Summarized combined balance sheet amounts related to CCE was as follows: September 30, 2021 December 31, 2020 (in thousands) Assets Cash, cash equivalents and restricted cash $ 659 $ 491 Trade accounts receivable 399 433 Prepaid expenses and other current assets 432 416 Other assets 359 359 Total assets $ 1,849 $ 1,699 Liabilities and noncontrolling interests Current liabilities $ 565 $ 518 Due to IDT Energy 5,043 4,122 Noncontrolling interests (3,759 ) (2,941 ) Total liabilities and noncontrolling interests $ 1,849 $ 1,699 The assets of CCE may only be used to settle obligations of CCE, and may not be used for other consolidated entities. The liabilities of CCE are non-recourse to the general credit of the Company’s other consolidated entities. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | Note 13—Income Taxes The following table provides a summary of Company's effective tax rate: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Reported tax rate 254.0 % 28.0 % 96.5 % 29.2 % The Company's reported tax rate for the three and nine months ended September 30, 2021 increased as compared to the same periods in 2020 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 14— (Loss) Earnings Per Share Basic earnings per share is computed by dividing net loss or income attributable to all classes of common stockholders of the Company by the weighted average number of shares of all classes of common stock outstanding during the applicable period. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to include restricted stock still subject to risk of forfeiture and to assume exercise of potentially dilutive stock options and warrants using the treasury stock method, unless the effect of such increase is anti-dilutive. The weighted-average number of shares used in the calculation of basic and diluted earnings per share attributable to the Company’s common stockholders consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in (in Basic weighted-average number of shares 25,514 25,928 25,867 26,107 Effect of dilutive securities: Stock options and warrants — 711 — 628 Non-vested restricted Class B common stock — 130 — 104 Diluted weighted-average number of shares 25,514 26,769 25,867 26,839 The following shares were excluded from the diluted earnings per share computations: Three Months Ended September 30, 2021 2020 2021 2020 (in (in Shares underlying options and warrants 665 — 731 126 Non-vested restricted Class B common stock 27 — 33 — Non-vested deferred stock units 610 610 610 610 In the three and nine months ended September 30, 2021, the diluted loss per share computation equals basic loss per share because the Company has a net loss and the impact of the assumed exercise of the stock options and warrants and the vesting of the restricted stock would have been anti-dilutive. Stock options and warrants were ex Non-vested deferred stock units were excluded from the basic and diluted weighted average shares outstanding calculation because the market condition for vesting of those deferred stock units were not met as of September 30, 2021 and 2020. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15—Related Party Transactions In December 2020, the Company invested $5.0 million to purchase 218,245 shares of Class B common stock of Rafael Holdings, Inc. ("Rafael"). Rafael, a publicly-traded company, is also a related party. In connection with the purchase, Rafael issued to the Company warrants to purchase an additional 43,649 shares of Rafael's Class B common stock with an exercise price of $22.91 per share. The warrants had a term expiring on June 6, 2022. The Company exercised the warrants in full on March 31, 2021 for a total exercise price of $1.0 million. The Company does not exercise significant influence over the operating or financial policies of Rafael. For the three months ended September 30, 2021, the Company recognized unrealized loss on investment of $5.3 million, in connection with the investment. For the nine months ended September 30, 2021 , the Company recognized unrealized gain on investment of $ 1.1 The Company was formerly a subsidiary of IDT Corporation (“IDT”). On October 28, 2011, the Company was spun-off by IDT. The Company entered into various agreements with IDT prior to the spin-off including an agreement for certain services to be performed by the Company and IDT. The Company also provides specified administrative services to certain of IDT’s foreign subsidiaries. Howard S. Jonas is the Chairman of the Board of IDT. The Company leases office space and parking in New Jersey from Rafael a former subsidiary of IDT that was spun off from IDT in March 2018. Howard S. Jonas is the Chairman of the Board of Directors of Rafael. The lease expires in April 2025. The charges for services provided by IDT to the Company, and rent charged by Rafael, net of the charges for the services provided by the Company to IDT, are included in “Selling, general and administrative” expense in the consolidated statements of operations. Three Months Ended Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) (in thousands) Amount IDT charged the Company $ 247 $ 286 $ 766 $ 806 Amount the Company charged IDT $ 33 $ 35 $ 105 $ 114 Amount Rafael charged the Company $ 57 $ 56 $ 170 $ 168 The following table presents the balance of receivables and payables to IDT and Rafael: September 30, 2021 December 31, 2020 (in thousands) Due to IDT $ 152 $ 299 Due from IDT $ 43 $ 40 Due to Rafael $ — $ — On August 31, 2018, the Company extended a loan to a former employee for $0.1 million. The loan agreement required scheduled payments from December 31, 2020 to December 2052. The loan bears the same interest equivalent to a minimum rate, in effect from time to time required by local regulations and is compounded annually. The Company recorded minimal amounts of interest income for the three and nine months ended September 30, 2021 and 2020 related to this debt. The outstanding balance, including accrued interest was $0.1 million as of September 30, 2021. The Company obtains insurance policies through several insurance brokers, one Investments in Atid 613 In September 2018, the Company divested a majority interest in Atid Drilling Ltd. in exchange for a 37.5% interest in a contracting drilling company in Israel ("Atid 613") which the Company accounts for using equity method of accounting. The Company also entered into a Shareholder Agreement with Atid 613's other shareholders to govern certain issues regarding management of the new company. Under the Shareholder Agreement, among other things, Genie Israel agreed to make available to Atid 613 working capital financing up to $0.4 million ("Credit Facility"). Any outstanding borrowing under the Credit Facility would bear interest at a variable rate as described in the Shareholder Agreement. As of September 30, 2021, the outstanding balance of Credit Facility was nil. On August 12, 2019, the Company, together with the other shareholders of Atid 613 signed a Funding Agreement to provide aggregate loans to Atid 613 in an amount of up to New Israeli Shekel or NIS 5.1 million (equivalent to $1.5 million at September 30, 2021), including the Company's commitment to extend up to NIS1.9 million (equivalent to $0.5 million at September 30, 2021) of such amount. In August 2019, the Company extended NIS0.8 million (equivalent to $0.2 million) in loans. The loans which are secured by Atid 613’s assets bore no interest until March 1, 2020 and bore interest at 5.5% for all subsequent periods. In May 2021 Atid 613 paid the outstanding balance of the loan of $ 0.2 million. At September 30, 2021, the balance of loan receivables from Atid 613 was nil |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Business Segment Information [Abstract] | |
Business Segment Information | Note 16—Business Segment Information The Company h as r In the first quarter of 2021, the Company modified its management reporting to rename its GES Renewables." Its REP businesses resell electricity and natural gas to residential and small business customers in the Eastern and Midwestern United States and Texas. GRE International, operates REPs in the United Kingdom (which it is currently exiting), Finland and Sweden. orporate 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. Opera ting r (in thousands) GRE GRE International Genie Renewables Corporate Total Three Months Ended September Revenues $ 86,317 $ 25,509 $ 1,338 $ — $ 113,164 Income (loss) from operations 19,714 (10,935 ) (203 ) (1,703 ) 6,873 Depreciation and amortization 90 779 12 — 881 Impairment of assets — 6,650 — — 6,650 Equity in net income of equity method — — — 52 52 Three Months Ended September Revenues $ 88,924 $ 5,829 $ 1,573 $ — $ 96,326 Income (loss) from operations 12,229 (1,575 ) (614 ) (1,555 ) 8,485 Impairment of assets — — — — — Depreciation and amortization 118 527 11 14 670 Equity in net loss of equity method — — — (146 ) (146 ) Nine Months Ended September 30, 2021 Revenues $ 243,960 $ 96,081 $ 6,170 $ — $ 346,211 Income (loss) from operations 26,427 (20,630 ) 690 (4,832 ) 1,655 Depreciation and amortization 295 2,996 34 1 3,326 Impairment of assets — 6,650 — — 6,650 Equity in net income of equity method investees — — — 215 215 Nine Months Ended September 30, 2020 Revenues $ 234,540 $ 17,820 $ 24,092 $ — $ 276,452 Income (loss) from operations 31,203 (4,701 ) (1,385 ) (4,689 ) 20,428 Depreciation and amortization 347 1,512 314 — 2,219 Impairment of assets — — 993 — 993 Equity in net loss of equity method investees — (1,502 ) — (17 ) (1,698 ) Total assets for the business segments of the Company wer e as (in thousands) GRE GRE International Genie Renewables Corporate Total Total assets: September 30, 2021 $ 128,293 $ 41,926 $ 3,616 $ 19,785 $ 193,620 December 31, 2020 101,904 55,273 3,171 26,991 187,339 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 17 Legal Proceedings On February 18, 2020, named Plaintiff Danelle Davis filed a putative class action complaint against Residents Energy and GRE in United States District of New Jersey alleging violations of the Telephone Consumer Protection Act, 47 § 227 Although Residents Energy and GRE deny any wrongdoing in connection with the complaints, the parties settled the matter for a minimal amount In addition to the matters disclosed above, the Company may from time to time be subject to legal proceedings that arise in the ordinary course of business. Although there can be no assurance in this regard, the Company does not expect any of those legal proceedings to have a material adverse effect on the Company’s results of operations, cash flows or financial condition. Agency and Regulatory Proceedings From time to time, the Company receives inquiries or requests for information or materials from public utility commissions or other governmental regulatory or law enforcement agencies related to investigations under statutory or regulatory schemes, and the Company responds those inquiries or requests. The Company cannot predict whether any of those matters will lead to claims or enforcement actions or whether the Company and the regulatory parties will enter into settlements before a formal claim is made. New York Public Service Commission Orders In December 2017, the New York Public Service Commission (“PSC”) held an evidentiary hearing to assess the retail energy market in New York. On December 12, 2019, following the completion of post-hearing briefings in the proceedings, the PSC issued orders adopting the changes to the New York retail energy market, effective April 16, 2021 (" 2021 2021 Although the Company is working to ensure that its products and services are fully compatible with the 2021 The Company is evaluating its options, both by itself and in tandem with other industry participants, to challenge or petition for additional clarity and changes to the 2021 There is insufficient basis to deem any loss probable or to assess the amount of any possible loss based on the changes instituted by the 2021 For the three and nine months ended September 30, 2021 gross revenue from New York was $ 12.8 State of Connecticut Public Utilities Regulatory Authority Town Square On September 19, 2018, the State of Connecticut Public Utilities Regulatory Authority (“PURA”) commenced an investigation into Town Square following customer complaints of allegedly misleading and deceptive sales practices on the part of Town Square. The Connecticut Office of Consumer Counsel subsequently joined in the investigation. PURA notified Town Square that it was advancing its investigation by assigning Prosecutorial staff for the purpose of investigating Town Square’s compliance with licensed electric supplier billing, marketing, and licensing requirements, and, if appropriate, facilitating settlement discussions among the parties that contains, but is not limited to, an appropriate civil penalty, extensive retraining of the supplier’s third-party agents, and retention of all sales calls with continued auditing. In the first quarter of 2021, Town Square engaged in settlement discussions with PURA and accrued $0.4 million in the first quarter of 2021. In July 2021, the parties settled the dispute. Pursuant to the terms of the settlement agreement, Town Square paid $ 0.4 million. 15 months For the three and nine months ended September 30, 2021 $ million and $24.9 Residents Energy In August 2020, Residents Energy began marketing retail energy services to Connecticut. For the three and nine months ended September 30, 2021, Residents Energy's gross revenues from sales in Connecticut were $ 0.1 19 2021 accrued $ 0.3 In June 2021, the parties settled the dispute. Pursuant to the terms of the settlement agreement, Residents Energy paid $0.3 million and volunteered to withdraw from the market in Connecticut for a period of 36 months. Other Reviews or Investigations From time to time regulators may initiate reviews, compliance checks or issue subpoenas for information as means to evaluate the Company and its subsidiaries’ compliance with applicable laws, rules, regulations and practices. On October 25, 2019, the Office of the Attorney General of the State of Illinois ("IL AG") notified Residents Energy (by way of subpoena) that it is conducting an investigation to assess compliance with the Illinois Consumer Fraud and Deceptive Business Practices Act. The notice was issued in the form of a subpoena in the course of the foregoing. The Company, which has responded in part, has challenged the merits of the subpoena and investigation. The IL AG is seeking to compel Residents Energy's response to its subpoena. Residents Energy denies any wrongdoing on its part. As of September 30, 2021, no claims or demands have been made against Residents Energy by the IL AG, and there is insufficient basis to deem any loss probable or to assess the amount of any possible loss. For the three and nine months ended September 30, 2021 7.2 million and $ In response to certain customers complaints, the State of Maine Public Utility Commission ("MPUC") has opened a review of the door-to-door marketing practices of Town Square. In connection with the review, the MPUC has requested information from Town Square demonstrating compliance in the form of an order to show cause as to why its marketing practices are in compliance and it should be permitted to continue licensed operations in Maine. In August 2021, the parties settled the dispute without any obligation for payment by Town Square. In connection with the settlement, Town Square has agreed to voluntarily refrain from door-to-door marketing activities in Maine through June 30, 2023, and to voluntarily refrain from outbound telemarketing to obtain new residential customers for a period of six months, along with certain compliance procedures. For the three and nine months ended September 30, 2021 0.3 Other Commitments Purchase Commitments The Company had future purchase commitments of $219.9 million at September 30, 2021, of which $170.7 million was for future purchases of electricity. The purchase commitments outstanding as of September 30, 2021 are expected to be paid as follows (in thousands): Remainder of 2021 $ 34,397 2022 111,526 2023 61,927 2024 11,013 2025 1,006 Thereafter — Total payments $ 219,869 In three months ended September 30, 2021, the Company purchased $10.7 million and $8.5 million of electricity and renewable energy credits, respectively, under these purchase commitments. In the nine months ended September 30, 2021 10.4 16.4 In three months ended September 30, 2020, the Company purchased $23.2 million and $5.9 million of electricity and renewable energy credits, respectively, under these purchase commitments. nine months ended September 30, 2020 Renewable Energy Credits GRE must obtain a certain percentage or amount of its power supply from renewable energy sources in order to meet the requirements of renewable portfolio standards in the states in which it operates. This requirement may be met by obtaining renewable energy credits that provide evidence that electricity has been generated by a qualifying renewable facility or resource. At September 30, 2021, GRE had commitments to purchase renewable energy credits of $49.2 million. Performance Bonds GRE has performance bonds issued through a third party for certain utility companies and for the benefit of various states in order to comply with the states’ financial requirements for REPs. At September 30, 2021, GRE had aggregate performance bonds of $13.4 million outstanding. BP Energy Company Preferred Supplier Agreement Certain of GRE’s REPs are party to an Amended and Restated Preferred Supplier Agreement with BP, which is to be in effect through November 30, 2023. Un der the agreement, the REPs purchase electricity and natural gas at market rate plus a fee. The obligations to BP are secured by a first security interest in deposits or receivables from utilities in connection with their purchase of the REPs’ customer’s receivables, and in any cash deposits or letters of credit posted in connection with any collateral accounts with BP. The ability to purchase electricity and natural gas under this agreement is subject to satisfaction of certain conditions including the maintenance of certain covenants. At September 30, 2021, the Company was in compliance with such covenants. At September 30, 2021, restricted cash—short-term of $ $ $ Shell Exclusive Supply Contract with Orbit Energy Orbit Energy had an exclusive contract with Shell U.K. Limited ("Shell") to provide electricity and natural gas to Orbit Energy until June 2024, with an option (not an obligation) to extend through June 2027. Shell provides access to the forward market such that Orbit Energy can enter into forward hedge position for its customers which protects the Company from mark-to-market fluctuations. Shell also provides extended payment facilities of an additional 30 days compared to the United Kingdom payment terms up to a limit of £5.0 %. £ 0.9 $9.1 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt [Abstract] | |
Debt | Note 18—Debt Loan with Tokyo Star Bank On November 28, 2019, Genie Japan entered into a Loan Agreement with Tokyo Star Bank for a ¥100.0 million (equivalent to $0.9 million) short-term credit facility. Genie Japan provided a letter of credit issued by JPMorgan Chase amounting to ¥100.0 million (equivalent to $0.9 million) as collateral. The outstanding principal amount incurred interest at Tokyo Star Bank's short-term prime rate plus 0.25% per annum. Interest was payable monthly and all outstanding principal and any accrued and unpaid interest matured on May 13, 2020. Genie Japan settled the Loan agreement and paid the outstanding balance of ¥100.0 million (equivalent to $0.9 million) on May 13, 2020. On May 13, 2020, Genie Japan entered into a new Loan Agreement with Tokyo Star Bank for a ¥150.0 million (equivalent to $1.4 million) short-term credit facility ("May 2020 Loan") with maturity date of November 13, 2020. On November 13, 2020, Genie Japan and Tokyo Star Bank amended the May 2020 Loan to extend the maturity date to May 13, 2021. Genie Japan provided a letter of credit issued by JPMorgan Chase in the amount of ¥150.0 million (equivalent to $1.4 million) as collateral. The outstanding principal amount incurred interest at 3.0% per annum and was payable monthly. In May 2021, the Company completed the divestiture of Genie Japan including balance of the May 2020 Loan ( see Revolving Line of Credit with Vantage Commodities On April 4, 2017, GRE, IDT Energy, and other GRE subsidiaries entered into a Credit Agreement with Vantage Commodities Financial Services II, LLC ("Vantage") for a $20.0 million revolving loan facility. The borrowers consist of the Company’s subsidiaries that operate REP businesses, and those subsidiaries’ obligations are guaranteed by GRE. The borrowers have provided as collateral a security interest in their receivables, bank accounts, customer agreements, certain other material agreements and related commercial and intangible rights. The outstanding principal amount incurred interest at LIBOR plus 4.5% per annum. In April 2020, the revolving line of credit expired and the Company paid the outstanding balance of $ million in exchange for the release and termination of any further obligations and security interest. Credit Agreement with JP Morgan Chase Bank On December 5, 2019, the Company entered into the first amendment of Credit Agreement with JPMorgan Chase Bank (“Credit Agreement”) to extend the maturity date of December 31, 2020. On December 8, 2020, the Company entered into the second amendment of its existing Credit Agreement to extend the maturity date to December 31, 2021. The Company continues to have the aggregate principal amount of $5.0 million credit line facility (“Credit Line”). The Company pays a commitment fee of 0.1% per annum on unused portion of the Credit Line as specified in the Credit Agreement. The borrowed amounts will be in the form of letters of credit which will bear interest of 1.0% per annum. The Company will also pay a fee for each letter of credit that is issued equal to the greater of $500 or 1.0% of the original maximum available amount of the letter of credit. The Company agreed to deposit cash in a money market account at JPMorgan Chase Bank as collateral for the line of credit equal to $5.1 million. As of September 30, 2021 30, 2021 Prism Notes Payable On December 11, 2019, the Company refinanced Prism's outstanding % notes payable to Catskill Hudson Bank that were due in November 2019. The outstanding balance of notes payable of $ million at December 11, 2019 was payable in monthly equal annual installments for period of ten years. The outstanding principal amount incurred fixed interest at % per annum. On October 16, 2020, Prism settled the |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2021 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | Note 19—Recently Issued Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments , that changes the impairment model for most financial assets and certain other instruments. For receivables, loans and other instruments, entities will be required to use a new forward-looking “expected loss” model that generally will result in the earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to current practice, except the losses will be recognized as allowances instead of reductions in the amortized cost of the securities. In addition, an entity will have to disclose significantly more information about allowances, credit quality indicators and past due securities. The new provisions will be applied as a cumulative-effect adjustment to retained earnings. The Company will adopt the new standard on January 1, 2023. The Company is currently evaluating the requirements of this guidance and has not yet determined the impact of its adoption on the Company's consolidated financial statements. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 20 United Kingdom Market In October 2021, as part of the orderly exit process from the United Kingdom market (see Note 1), Orbit and Shell agreed to terminate the exclusive supply contract between them. As part of the termination agreement, Orbit was required to unwind all physical forward hedges with Shell which resulted in net cash proceeds after settlement of all related liabilities with Shell. These proceeds, together with the existing cash and accounts receivables as of September 30, 2021, are expected to cover the cost to supply Orbit's current customers with electricity and natural gas until an orderly transfer of those customers is completed, and to exceed Orbit’s liabilities and carrying value of goodwill at September 30, 2021 of $30.7 million and $13.9 million, respectively. Fair Value of Investments in Rafael In October 2021, Rafael reported disappointing news related to the result of its clinical trials which resulted in a significant decline in the value of its Class B common stock. At September 30, 2021, the carry ing value of the investment in Rafael was $ million (see Note 15). |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Cash, Cash Equivalents, and Restricted Cash [Abstract] | |
Schedule of reconciliation of cash, cash equivalents, and restricted cash | September 30, 2021 December 31, 2020 (in thousands) Cash and cash equivalents $ 33,983 $ 36,913 Restricted cash—short-term 6,528 6,271 Total cash, cash equivalents, and restricted cash $ 40,511 $ 43,184 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventories [Abstract] | |
Schedule of Inventories | September 30, 2021 December 31, 2020 (in thousands) Natural gas $ 1,965 $ 1,021 Renewable credits 21,395 15,574 Solar Panels: Finished goods 288 335 Totals $ 23,648 $ 16,930 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue Recognition [Abstract] | |
Schedule of revenues disaggregated | Electricity Natural Gas Other Total (in thousands) Three Months Ended September 30, 2021 Fixed rate $ 57,429 $ 5,027 $ — $ 62,456 Variable rate 46,370 2,582 — 48,952 Other — — 1,756 1,756 Total $ 103,799 $ 7,609 $ 1,756 $ 113,164 Three Months Ended September 30, 2020 Fixed rate $ 41,707 $ 631 $ — $ 42,338 Variable rate 50,086 2,093 — 52,179 Other — — 1,809 1,809 Total $ 91,793 $ 2,724 $ 1,809 $ 96,326 Nine Months Ended September 30, 2021 Fixed rate $ 161,279 $ 26,063 $ — $ 187,342 Variable rate 129,504 22,395 — 151,899 Other — — 6,970 6,970 Total $ 290,783 $ 48,458 $ 6,970 $ 346,211 Nine Months Ended September 30, 2020 Fixed rate $ 99,278 $ 3,200 $ — $ 102,478 Variable rate 128,393 20,990 — 149,383 Other — — 24,591 24,591 Total $ 227,671 $ 24,190 $ 24,591 $ 276,452 Electricity Natural Gas Other Total (in thousands) Three Months Ended September 30, 2021 Non-Commercial Channel $ 79,476 $ 5,948 $ — $ 85,424 Commercial Channel 24,323 1,661 — 25,984 Other — — 1,756 1,756 Total $ 103,799 $ 7,609 $ 1,756 $ 113,164 Three Months Ended September 30, 2020 Non-Commercial Channel $ 75,214 $ 1,747 $ — $ 76,961 Commercial Channel 16,579 977 — 17,556 Other — — 1,809 1,809 Total $ 91,793 $ 2,724 $ 1,809 $ 96,326 Nine Months Ended September 30, 2021 Non-Commercial Channel $ 234,534 $ 43,410 $ — $ 277,944 Commercial Channel 56,249 5,048 — 61,297 Other — — 6,970 6,970 Total $ 290,783 $ 48,458 $ 6,970 $ 346,211 Nine Months Ended September 30, 2020 Non-Commercial Channel $ 190,970 $ 20,750 $ — $ 211,720 Commercial Channel 36,701 3,440 — 40,141 Other — — 24,591 24,591 Total $ 227,671 $ 24,190 $ 24,591 $ 276,452 |
Schedule of contract liability | Nine Months Ended September 30, 2021 2020 (in thousands) Contract liability, beginning $ 5,609 $ 13,426 Recognition of revenue included in the beginning of year contract liability (4,468 ) (13,004 ) Additions during the period, net of revenue recognized during the period 7,158 611 Cumulative translation adjustments 18 — Contract liability, end $ 8,317 $ 1,033 |
Acquisition and Divestiture (Ta
Acquisition and Divestiture (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Acquisition [Line Items] | |
Schedule of acquisition's purchase price allocations | (in thousands) Cash $ 2,681 Trade accounts receivable 8,008 Other current assets 843 Intangible assets: Trademark (10-year useful life) 1,594 Non-compete agreements (2-year useful life) 1,956 Customer relationships (2-year useful life) 3,620 Goodwill 13,426 Other assets 657 Accounts payable and other current liabilities (20,490 ) Contract liabilities (5,152 ) Net assets $ 7,143 |
Genie Japan [Member] | |
Business Acquisition [Line Items] | |
Schedule of acquisition's purchase price allocations | (in t hou Cash $ 83 Trade accounts receivable `1,737 Prepaid and other current assets 391 Intangible (license) 540 Other noncurrent assets 296 Accounts payable (611 ) Accrued expenses and other current liabilities (588 ) Loans payable (1,372 ) Cumulative translation adjustment (181 ) Noncontrolling interest 114 Liabilities held for sale included in other current liabilities $ 409 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Concentration Risk [Line Items] | |
Schedule of balance of assets and liabilities measured at fair value on a recurring basis | Level 1 (1) Level 2 (2) Level 3 (3) Total (in thousands) September 30, 2021 Assets: Marketable equity securities $ 8,048 $ — $ — $ 8,048 Derivative contracts $ 11,398 $ 2,431 $ — $ 13,829 Liabilities: Derivative contracts $ 457 $ — $ — $ 457 December 31, 2020 Assets: Marketable equity securities $ 5,089 $ — $ — $ 5,089 Other current assets (Investments in warrants) $ — $ — $ 259 $ 259 Derivative contracts $ 1,237 $ 118 $ — $ 1,355 Liabilities: Derivative contracts $ 286 $ — $ — $ 286 (1) – quoted prices in active markets for identical assets or liabilities (2) – observable inputs other than quoted prices in active markets for identical assets and liabilities (3) – no observable pricing inputs in the market |
Consolidated revenues [Member] | Customer Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Schedule of concentration risk | na-less than 10.0% of consolidated revenue in the period Three Months Ended September 30, Nine Months Ended September 2021 2020 2021 2020 Customer A 12 % 13 % na % 11 % |
Consolidated gross trade accounts receivable [Member] | |
Concentration Risk [Line Items] | |
Schedule of concentration risk | September 30, 2021 December 31, 2020 Customer A 11 % na Customer B 11 % na na-less than 10.0 % of consolidated revenue in the period |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments [Abstract] | |
Schedule of volume of GRE's outstanding contracts and options | Settlement Dates Volume Electricity (in MWh) Gas (in Dth) Fourth quarter 2021 215,479 526,400 First quarter 2022 173,802 851,800 Second quarter 2022 49,681 112,800 Third quarter 2022 61,992 63,940 Fourth quarter 2022 34,312 70,850 First quarter 2023 19,456 82,500 Second quarter 2023 19,456 50,600 Third quarter 2023 19,152 32,350 Fourth quarter 2023 19,152 32,500 First quarter 2024 — 29,950 Second quarter 2024 — 18,900 Third quarter 2024 — 6,250 |
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | Asset Derivatives Balance Sheet Location September 30, 2021 December 31, 2020 (in thousands) Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current assets $ 12,671 $ 1,338 Energy contracts and options Other assets 1,158 17 Total derivatives not designated or not qualifying as hedging instruments — $ 13,829 $ 1,355 Liability Derivatives Balance Sheet Location September 30, December 31, Derivatives not designated or not qualifying as hedging instruments: Energy contracts and options 1 Other current liabilities $ 346 245 Energy contracts and options Other liabilities 111 41 Total derivatives not designated or not qualifying as hedging instruments — Liabilities $ 457 $ 286 ( 1 The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 . |
Schedule of derivative instruments on the consolidated statements of operations | Amount of Gain Recognized on Derivatives Derivatives not designated or not qualifying as Location of Gain (Loss) Recognized Three Months Ended September 30, Nine Months Ended September 30, hedging instruments on Derivatives 2021 2020 2021 2020 (in thousands) (in thousands) Energy contracts and options Cost of revenues $ 24,305 $ 4,764 $ 29,100 $ 23,352 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Other Intangible Assets [Abstract] | |
Schedule of goodwill | GRE GRE International Genie Renewables Total (in thousands) Balance at January 1, 2021 $ 9,998 $ 15,931 $ — $ 25,929 Cumulative translation adjustment — (302 ) — (302 ) Balance at September 30, 2021 $ 9,998 $ 15,629 $ — $ 25,627 |
Schedule of other intangible assets | Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization and Impairment Net Balance (in thousands) September 30, 2021 Patents and trademarks 17.0 years $ 5,557 $ 2,781 $ 2,776 Non-compete agreements 3.0 years 2,120 2,117 3 Customer relationships 9.0 years 4,958 4,357 601 Licenses 10.0 years 479 91 388 Total $ 13,114 $ 9,346 $ 3,768 December 31, 2020 Trademark 14.9 years $ 5,534 $ 878 $ 4,656 Non-compete agreement 2.0 years 2,096 75 2,021 Customer relationships 3.1 years 6,907 2,922 3,985 Licenses 10.0 years 1,224 241 983 Total $ 15,761 $ 4,116 $ 11,645 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Expenses | |
Schedule of accrued expenses | September 30, 2021 December 31, 2020 (in thousands) Renewable energy $ 35,673 $ 26,474 Liability to customers related to promotions and retention incentives 9,003 9,558 Payroll and employee benefit 3,074 3,534 Other accrued expenses 3,589 3,196 Total accrued expenses $ 51,339 $ 42,762 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of operating lease expense | September 30, 2021 December 31, 2020 (in thousands) ROU Assets $ 1,488 $ 4,409 Current portion of operating lease liabilities 1,004 1,327 Noncurrent portion of operating lease liabilities 2,521 3,233 Total $ 3,525 $ 4,560 |
Schedule of supplemental cash flow information | Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: (in thousands) Operating cash flows from operating activities $ 1,377 $ 637 ROU assets obtained in the exchange for lease liabilities Operating leases $ — $ — |
Schedule of future operating lease | (in thousands) Remainder of 2021 $ 308 2022 1,193 2023 1,162 2024 225 2025 233 Thereafter 1,072 Total future lease payments 4,193 Less imputed interest (668 ) Total operating lease liabilities $ 3,525 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of dividend paid | Declaration Date Dividend Per Share Aggregate Dividend Amount Record Date Payment Date Series 2012-A Preferred Stock (“Preferred Stock”) January 13, 2021 $ 0.1594 $ 370 February 8, 2021 February 16, 2021 April 14, 2021 0.1594 370 April 27, 2021 May 17, 2021 July 8, 2021 0.1594 370 August 9, 2021 August 16, 2021 |
Variable Interest Entity (Table
Variable Interest Entity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entity [Abstract] | |
Schedule of net loss related to CCE and aggregate net funding | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) (in thousands) Net loss $ (445 ) $ (399 ) $ (818 ) $ (1,147 ) Aggregate funding provided by the Company, net $ (393 ) $ (932 ) $ (921 ) $ (1,454 ) |
Schedule of combined balance sheet amounts related to CCE | September 30, 2021 December 31, 2020 (in thousands) Assets Cash, cash equivalents and restricted cash $ 659 $ 491 Trade accounts receivable 399 433 Prepaid expenses and other current assets 432 416 Other assets 359 359 Total assets $ 1,849 $ 1,699 Liabilities and noncontrolling interests Current liabilities $ 565 $ 518 Due to IDT Energy 5,043 4,122 Noncontrolling interests (3,759 ) (2,941 ) Total liabilities and noncontrolling interests $ 1,849 $ 1,699 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Taxes [Abstract] | |
Schedule of company's effective tax rate | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Reported tax rate 254.0 % 28.0 % 96.5 % 29.2 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of weighted-average number of shares used in the calculation of basic and diluted earnings per share | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in (in Basic weighted-average number of shares 25,514 25,928 25,867 26,107 Effect of dilutive securities: Stock options and warrants — 711 — 628 Non-vested restricted Class B common stock — 130 — 104 Diluted weighted-average number of shares 25,514 26,769 25,867 26,839 |
Schedule of shares were excluded from the diluted earnings per share | Three Months Ended September 30, 2021 2020 2021 2020 (in (in Shares underlying options and warrants 665 — 731 126 Non-vested restricted Class B common stock 27 — 33 — Non-vested deferred stock units 610 610 610 610 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Three Months Ended Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) (in thousands) Amount IDT charged the Company $ 247 $ 286 $ 766 $ 806 Amount the Company charged IDT $ 33 $ 35 $ 105 $ 114 Amount Rafael charged the Company $ 57 $ 56 $ 170 $ 168 |
Schedule of receivables and payables | September 30, 2021 December 31, 2020 (in thousands) Due to IDT $ 152 $ 299 Due from IDT $ 43 $ 40 Due to Rafael $ — $ — |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Segment Information [Abstract] | |
Schedule of operating results for the business segments | (in thousands) GRE GRE International Genie Renewables Corporate Total Three Months Ended September Revenues $ 86,317 $ 25,509 $ 1,338 $ — $ 113,164 Income (loss) from operations 19,714 (10,935 ) (203 ) (1,703 ) 6,873 Depreciation and amortization 90 779 12 — 881 Impairment of assets — 6,650 — — 6,650 Equity in net income of equity method — — — 52 52 Three Months Ended September Revenues $ 88,924 $ 5,829 $ 1,573 $ — $ 96,326 Income (loss) from operations 12,229 (1,575 ) (614 ) (1,555 ) 8,485 Impairment of assets — — — — — Depreciation and amortization 118 527 11 14 670 Equity in net loss of equity method — — — (146 ) (146 ) Nine Months Ended September 30, 2021 Revenues $ 243,960 $ 96,081 $ 6,170 $ — $ 346,211 Income (loss) from operations 26,427 (20,630 ) 690 (4,832 ) 1,655 Depreciation and amortization 295 2,996 34 1 3,326 Impairment of assets — 6,650 — — 6,650 Equity in net income of equity method investees — — — 215 215 Nine Months Ended September 30, 2020 Revenues $ 234,540 $ 17,820 $ 24,092 $ — $ 276,452 Income (loss) from operations 31,203 (4,701 ) (1,385 ) (4,689 ) 20,428 Depreciation and amortization 347 1,512 314 — 2,219 Impairment of assets — — 993 — 993 Equity in net loss of equity method investees — (1,502 ) — (17 ) (1,698 ) |
Schedule of total assets for the business segments | (in thousands) GRE GRE International Genie Renewables Corporate Total Total assets: September 30, 2021 $ 128,293 $ 41,926 $ 3,616 $ 19,785 $ 193,620 December 31, 2020 101,904 55,273 3,171 26,991 187,339 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies [Abstract] | |
Schedule of purchase commitments outstanding | Remainder of 2021 $ 34,397 2022 111,526 2023 61,927 2024 11,013 2025 1,006 Thereafter — Total payments $ 219,869 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | May 11, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2021 | Sep. 30, 2021 |
Recovery cost | $ 3.4 | ||||||||
Cost of revenues | $ 1.9 | $ 1.5 | 3.4 | ||||||
Impairment of assets | 6.7 | ||||||||
Maximum [Member] | |||||||||
Recovery cost | 2.6 | ||||||||
Minimum [Member] | |||||||||
Recovery cost | $ 1.5 | ||||||||
Genie Japan [Member] | |||||||||
Additional costs included in cost of revenue | $ 2.5 | ||||||||
Genie Retail Energy [Member] | |||||||||
Company's investment, ownership percentage in subsidiary | 100.00% | ||||||||
Percentage of gas revenue generated in given period | 47.70% | 46.90% | |||||||
Percentage of electricity revenue generated in given period | 31.80% | 31.80% | |||||||
Additional costs included in cost of revenue | $ 13 | ||||||||
Genie Energy Services [Member] | |||||||||
Company's investment, ownership percentage in subsidiary | 95.50% | ||||||||
Prism Solar Technology [Member] | |||||||||
Business acquired interest | 60.00% | 60.00% | |||||||
Lumo Energia Oyj [Member] | |||||||||
Company's investment, ownership percentage in subsidiary | 98.80% | ||||||||
Business acquired interest | 91.70% | 91.70% | |||||||
GRE International Corporation [Member] | |||||||||
Company's investment, ownership percentage in subsidiary | 98.80% | 99.50% | |||||||
Additional costs included in cost of revenue | $ 1 | ||||||||
Genie Retail Energy International [Member] | |||||||||
Company's investment, ownership percentage in subsidiary | 100.00% | ||||||||
Shoreditch Energy Limited [Member] | |||||||||
Business acquired interest | 100.00% | 100.00% | |||||||
CityCom Solar [Member] | |||||||||
Ownership interest of company | 93.50% | 93.50% |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Cash, Cash Equivalents, and Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 33,983 | $ 36,913 | ||
Restricted cash—short-term | 6,528 | 6,271 | ||
Total cash, cash equivalents, and restricted cash | $ 40,511 | $ 43,184 | $ 49,230 | $ 38,554 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventories [Abstract] | ||
Natural gas | $ 1,965 | $ 1,021 |
Renewable credits | 21,395 | 15,574 |
Solar Panels: | ||
Finished goods | 288 | 335 |
Totals | $ 23,648 | $ 16,930 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 113,164 | $ 96,326 | $ 346,211 | $ 276,452 |
Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 103,799 | 91,793 | 290,783 | 227,671 |
Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 7,609 | 2,724 | 48,458 | 24,190 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,756 | 1,809 | 6,970 | 24,591 |
Fixed rate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 62,456 | 42,338 | 187,342 | 102,478 |
Fixed rate [Member] | Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 57,429 | 41,707 | 161,279 | 99,278 |
Fixed rate [Member] | Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 5,027 | 631 | 26,063 | 3,200 |
Fixed rate [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Variable rate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 48,952 | 52,179 | 151,899 | 149,383 |
Variable rate [Member] | Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 46,370 | 50,086 | 129,504 | 128,393 |
Variable rate [Member] | Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 2,582 | 2,093 | 22,395 | 20,990 |
Variable rate [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,756 | 1,809 | 6,970 | 24,591 |
Other [Member] | Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 1,756 | $ 1,809 | $ 6,970 | $ 24,591 |
Revenue Recognition (Details 1)
Revenue Recognition (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 113,164 | $ 96,326 | $ 346,211 | $ 276,452 |
Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 103,799 | 91,793 | 290,783 | 227,671 |
Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 7,609 | 2,724 | 48,458 | 24,190 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,756 | 1,809 | 6,970 | 24,591 |
Non Commercial and commercial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 24,591 | |||
Non-Commercial Channel [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 85,424 | 76,961 | 277,944 | 211,720 |
Non-Commercial Channel [Member] | Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 79,476 | 75,214 | 234,534 | 190,970 |
Non-Commercial Channel [Member] | Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 5,948 | 1,747 | 43,410 | 20,750 |
Non-Commercial Channel [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Commercial Channel [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 25,984 | 17,556 | 61,297 | 40,141 |
Commercial Channel [Member] | Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 24,323 | 16,579 | 56,249 | 36,701 |
Commercial Channel [Member] | Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,661 | 977 | 5,048 | 3,440 |
Commercial Channel [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,756 | 1,809 | 6,970 | 24,591 |
Other [Member] | Electricity [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | ||||
Other [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 1,756 | $ 1,809 | $ 6,970 | $ 24,591 |
Revenue Recognition (Details 2)
Revenue Recognition (Details 2) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Change in Contract with Customer, Liability [Abstract] | ||
Contract liability, beginning | $ 5,609 | $ 13,426 |
Recognition of revenue included in the beginning of year contract liability | 4,468 | 13,004 |
Additions during the period, net of revenue recognized during the period | 7,158 | 611 |
Cumulative translation adjustments | 18 | |
Contract liability, end | $ 8,317 | $ 1,033 |
Revenue Recognition (Details Te
Revenue Recognition (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue Recognition | ||||
Total capitalized customer acquisition costs | $ 0.2 | $ 0.8 | $ 0.2 | $ 0.6 |
Amortization of capitalized customer acquisition cost | $ 0.2 | $ 0.2 | $ 0.6 | |
Minimum [Member] | ||||
Revenue Recognition | ||||
Capitalized customer acquisition costs, amortization period | 18 months | 18 months | ||
Maximum [Member] | ||||
Revenue Recognition | ||||
Capitalized customer acquisition costs, amortization period | 24 months | 24 months | ||
Other Current Assets [Member] | ||||
Revenue Recognition | ||||
Other asset current | $ 0.5 | $ 0.5 | ||
Other Assets [Member] | ||||
Revenue Recognition | ||||
Other assets | $ 0.2 | $ 0.2 |
Acquisition and Divestiture (De
Acquisition and Divestiture (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Lumo Energia Oyj [Member] | |
Business Acquisition [Line Items] | |
Cash | $ 2,681 |
Trade accounts receivable | 8,008 |
Other current assets | 843 |
Intangible assets: | |
Trademark (5-year useful life) | 1,594 |
Non-compete agreements (3-year useful life) | 1,956 |
Customer relationship (2-year useful life) | 3,620 |
Goodwill | 13,426 |
Other assets | 657 |
Accounts and other current liabilities | (20,490) |
Noncontrolling interest | 5,152 |
Net assets | 7,143 |
Genie Japan [Member] | |
Business Acquisition [Line Items] | |
Cash | 83 |
Trade accounts receivable | 1,737 |
Prepaid and other current assets | 391 |
Intangible assets: | |
Intangible (license) | 540 |
Other assets | 296 |
Accounts and other current liabilities | (611) |
Accrued expenses and other current liabilities | 588 |
Loans payable | 1,372 |
Cumulative translation adjustment | 181 |
Noncontrolling interest | (114) |
Net assets | $ 409 |
Acquisition and Divestiture (_2
Acquisition and Divestiture (Details Textual) $ in Thousands, € in Millions, ¥ in Millions, ¥ in Millions | May 11, 2021CNY (¥) | May 11, 2021USD ($) | Oct. 08, 2020EUR (€) | Oct. 08, 2020USD ($) | Jan. 02, 2019 | Apr. 26, 2021JPY (¥) | Apr. 26, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Oct. 08, 2020USD ($) |
Business Acquisition [Line Items] | |||||||||||||
Loss before taxes | $ 1,505 | $ 8,603 | $ 7,790 | $ 19,061 | |||||||||
Gain (Loss) on Disposition of Stock in Subsidiary | 4,226 | ||||||||||||
Genie Japan [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Gain (Loss) on Sale of Interest in Projects | ¥ 570 | $ 5,300 | |||||||||||
Aggregate consideration | ¥ 570 | $ 5,200 | |||||||||||
Brokerage Commissions Revenue | 600 | ||||||||||||
Accrued Income Taxes | $ 4,200 | $ 4,200 | |||||||||||
Shoreditch Energy Limited [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contribution for previous acquisition of business | $ 1,500 | ||||||||||||
Shoreditch Energy Limited [Member] | Genie Energy UK Limited | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Total consideration, net of cash acquired | $ 9,500 | ||||||||||||
Acquired equity interest | 77.00% | 77.00% | |||||||||||
Percentage of remaining equity interest acquired | 23.00% | 23.00% | 23.00% | ||||||||||
Business acquisition, purchase price | € 1.3 | 1,700 | |||||||||||
Business acquisition, loans receivable acquired | € 0.2 | $ 200 | |||||||||||
Estimated fair value of the investment | 5,500 | ||||||||||||
Net book value of the investment | |||||||||||||
Gain recognized upon consolidation | $ 5,500 | ||||||||||||
Lumo Energia Oyj [Member] | Trademark [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Finite-lived intangible asset, useful life | 10 years | ||||||||||||
Lumo Energia Oyj [Member] | Non-compete agreements | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Finite-lived intangible asset, useful life | 2 years | ||||||||||||
Lumo Energia Oyj [Member] | Customer relationships [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Finite-lived intangible asset, useful life | 2 years |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Assets: | |||
Marketable equity securities | $ 8,048 | $ 5,089 | |
Recurring [Member] | |||
Assets: | |||
Marketable equity securities | 8,048 | 5,089 | |
Other current assets (Investments in warrants) | 259 | ||
Derivative contracts | 13,829 | 1,355 | |
Liabilities: | |||
Derivative contracts | 457 | 286 | |
Level 1 [Member] | Recurring [Member] | |||
Assets: | |||
Marketable equity securities | [1] | 8,048 | 5,089 |
Other current assets (Investments in warrants) | [1] | ||
Derivative contracts | [1] | 11,398 | 1,237 |
Liabilities: | |||
Derivative contracts | [1] | 457 | 286 |
Level 2 [Member] | Recurring [Member] | |||
Assets: | |||
Marketable equity securities | [2] | ||
Other current assets (Investments in warrants) | [2] | ||
Derivative contracts | [2] | 2,431 | 118 |
Liabilities: | |||
Derivative contracts | [2] | ||
Level 3 [Member] | Recurring [Member] | |||
Assets: | |||
Marketable equity securities | [3] | ||
Other current assets (Investments in warrants) | [3] | 259 | |
Derivative contracts | [3] | ||
Liabilities: | |||
Derivative contracts | [3] | ||
[1] | quoted prices in active markets for identical assets or liabilities | ||
[2] | observable inputs other than quoted prices in active markets for identical assets and liabilities | ||
[3] | no observable pricing inputs in the market |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 1) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Sales Revenue, Net [Member] | Customer A [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 12.00% | 13.00% | 11.00% | ||
Consolidated gross trade accounts receivable [Member] | Customer A [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 11.00% | ||||
Consolidated gross trade accounts receivable [Member] | Customer B [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 11.00% |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details Textual) | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts Receivable [Member] | ||
Fair Value Measurements (Textual) | ||
Concentration risk percentage | 10.00% | 10.00% |
Revenues [Member] | ||
Fair Value Measurements (Textual) | ||
Concentration risk percentage | 10.00% | |
Revenues [Member] | Revenue from Rights Concentration Risk [Member] | ||
Fair Value Measurements (Textual) | ||
Concentration risk percentage | 10.00% | |
Customer A [Member] | Revenues [Member] | Revenue from Rights Concentration Risk [Member] | ||
Fair Value Measurements (Textual) | ||
Concentration risk percentage | 10.00% | |
Customer B [Member] | Accounts Receivable [Member] | Revenue from Rights Concentration Risk [Member] | ||
Fair Value Measurements (Textual) | ||
Concentration risk percentage | 10.00% |
Derivative Instruments (Details
Derivative Instruments (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Electricity (in MWH) [Member] | Fourth quarter 2021 [Member] | |
Derivative [Line Items] | |
Volume | 215,479 |
Electricity (in MWH) [Member] | First quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 173,802 |
Electricity (in MWH) [Member] | Second quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 49,681 |
Electricity (in MWH) [Member] | Third quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 61,992 |
Electricity (in MWH) [Member] | Fourth quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 34,312 |
Electricity (in MWH) [Member] | First quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 19,456 |
Electricity (in MWH) [Member] | Second quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 19,456 |
Electricity (in MWH) [Member] | Third quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 19,152 |
Electricity (in MWH) [Member] | Fourth quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 19,152 |
Electricity (in MWH) [Member] | First quarter 2024 [Member] | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | Second quarter 2024 [Member] | |
Derivative [Line Items] | |
Volume | |
Electricity (in MWH) [Member] | Third quarter 2024 [Member] | |
Derivative [Line Items] | |
Volume | |
Natural gas (in Dth) [Member] | Fourth quarter 2021 [Member] | |
Derivative [Line Items] | |
Volume | 526,400 |
Natural gas (in Dth) [Member] | First quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 851,800 |
Natural gas (in Dth) [Member] | Second quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 112,800 |
Natural gas (in Dth) [Member] | Third quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 63,940 |
Natural gas (in Dth) [Member] | Fourth quarter 2022 [Member] | |
Derivative [Line Items] | |
Volume | 70,850 |
Natural gas (in Dth) [Member] | First quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 82,500 |
Natural gas (in Dth) [Member] | Second quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 50,600 |
Natural gas (in Dth) [Member] | Third quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 32,350 |
Natural gas (in Dth) [Member] | Fourth quarter 2023 [Member] | |
Derivative [Line Items] | |
Volume | 32,500 |
Natural gas (in Dth) [Member] | First quarter 2024 [Member] | |
Derivative [Line Items] | |
Volume | 29,950 |
Natural gas (in Dth) [Member] | Second quarter 2024 [Member] | |
Derivative [Line Items] | |
Volume | 18,900 |
Natural gas (in Dth) [Member] | Third quarter 2024 [Member] | |
Derivative [Line Items] | |
Volume | 6,250 |
Derivative Instruments (Detai_2
Derivative Instruments (Details 1) - Energy contracts and options [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Asset Derivatives not designated or not qualifying as hedging instruments | $ 13,829 | $ 1,355 | |
Liability Derivatives not designated or not qualifying as hedging instruments | 457 | 286 | |
Other current assets [Member] | |||
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Asset Derivatives not designated or not qualifying as hedging instruments | [1] | 12,671 | 1,338 |
Other assets [Member] | |||
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Asset Derivatives not designated or not qualifying as hedging instruments | 1,158 | 17 | |
Other current liabilities [Member] | |||
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Liability Derivatives not designated or not qualifying as hedging instruments | [1] | 346 | 245 |
Other liabilities [Member] | |||
Schedule of fair value of outstanding derivative instruments recorded as assets and liability | |||
Liability Derivatives not designated or not qualifying as hedging instruments | $ 111 | $ 41 | |
[1] | The Company classifies derivative assets and liabilities as current based on the cash flows expected to be incurred within the following 12 . |
Derivative Instruments (Detai_3
Derivative Instruments (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Energy contracts and options [Member] | Cost of revenues [Member] | ||||
Effects of derivative instruments on the consolidated statements of operations | ||||
Amount of Gain (Loss) Recognized on Derivatives | $ 24,305 | $ 4,764 | $ 29,100 | $ 23,352 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Change in the carrying amount of goodwill | |
Beginning balance | $ 25,929 |
Cumulative translation adjustment | (302) |
Ending balance | 25,627 |
GRE [Member] | |
Change in the carrying amount of goodwill | |
Beginning balance | 9,998 |
Cumulative translation adjustment | |
Ending balance | 9,998 |
GRE International Corporation [Member] | |
Change in the carrying amount of goodwill | |
Beginning balance | 15,931 |
Cumulative translation adjustment | (302) |
Ending balance | 15,629 |
Genie Renewables [Member] | |
Change in the carrying amount of goodwill | |
Beginning balance | |
Cumulative translation adjustment | |
Ending balance |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 13,114 | $ 15,761 |
Accumulated Amortization | 9,346 | 4,116 |
Net Balance | $ 3,768 | $ 11,645 |
Patents and trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 17 years | 14 years 10 months 24 days |
Gross Carrying Amount | $ 5,557 | $ 5,534 |
Accumulated Amortization | 2,781 | 878 |
Net Balance | $ 2,776 | $ 4,656 |
Non-compete agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 3 years | 2 years |
Gross Carrying Amount | $ 2,120 | $ 2,096 |
Accumulated Amortization | 2,117 | 75 |
Net Balance | $ 3 | $ 2,021 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 9 years | 3 years 1 month 6 days |
Gross Carrying Amount | $ 4,958 | $ 6,907 |
Accumulated Amortization | 4,357 | 2,922 |
Net Balance | $ 601 | $ 3,985 |
Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 10 years | 10 years |
Gross Carrying Amount | $ 479 | $ 1,224 |
Accumulated Amortization | 91 | 241 |
Net Balance | $ 388 | $ 983 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill And Other Intangible Assets (Textual) | |||||
Goodwill, Impairment Loss | $ 400,000 | ||||
Impairment of customer relationship | $ 4,700 | $ 800,000 | |||
Amortization expense of intangible assets | 900,000 | $ 300,000 | $ 3,200,000 | $ 1,300,000 | |
Amortization expense of finite lives intangible assets, 2022 | 400,000 | 400,000 | |||
Amortization expense of finite lives intangible assets, 2023 | 400,000 | 400,000 | |||
Amortization expense of finite lives intangible assets, 2024 | 400,000 | 400,000 | |||
Amortization expense of finite lives intangible assets, 2025 | 400,000 | 400,000 | |||
Amortization expense of finite lives intangible assets, 2026 and thereafter | $ 2,000,000 | $ 2,000,000 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accrued Expenses | ||
Renewable energy | $ 35,673 | $ 26,474 |
Liability to customers related to promotions and retention incentives | 9,003 | 9,558 |
Payroll and employee benefit | 3,074 | 3,534 |
Other accrued expenses | 3,589 | 3,196 |
Total accrued expenses | $ 51,339 | $ 42,762 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
ROU Assets | $ 1,488 | $ 4,409 |
Current portion of operating lease liabilities | 1,004 | 1,327 |
Noncurrent portion of operating lease liabilities | 2,521 | 3,233 |
Total | $ 3,525 | $ 4,560 |
Leases (Details 1)
Leases (Details 1) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating activities | $ 1,377 | $ 637 |
ROU assets obtained in the exchange for lease liabilities | ||
Operating leases |
Leases (Details 2)
Leases (Details 2) $ in Thousands | Sep. 30, 2021USD ($) |
Leases [Abstract] | |
Remainder of 2021 | $ 308 |
2022 | 1,193 |
2023 | 1,162 |
2024 | 225 |
2025 | 233 |
Thereafter | 1,072 |
Total future lease payments | 4,193 |
Less imputed interest | 668 |
Total operating lease liabilities | $ 3,525 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Weighted average remaining lease term | 8 years 3 months 18 days | 8 years 3 months 18 days | ||
Weighted average discount rate | 6.00% | 6.00% | ||
ROU Assets | $ 1.9 | $ 1.9 | ||
Operating lease rent | $ 0.4 | $ 0.2 | $ 1.4 | $ 0.6 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Oct. 13, 2021 | |
Class of Stock [Line Items] | ||
Dividend Per Share | $ 0.1594 | |
Series 2012-A Preferred Stock (Preferred Stock) [Member] | January 13, 2021 [Member] | ||
Class of Stock [Line Items] | ||
Declaration Date | Jan. 13, 2021 | |
Dividend Per Share | $ 0.1594 | |
Aggregate Dividend Amount | $ 370 | |
Record Date | Feb. 8, 2021 | |
Payment Date | Feb. 16, 2021 | |
Series 2012-A Preferred Stock (Preferred Stock) [Member] | April 14, 2021 [Member] | ||
Class of Stock [Line Items] | ||
Declaration Date | Apr. 14, 2021 | |
Dividend Per Share | $ 0.1594 | |
Aggregate Dividend Amount | $ 370 | |
Record Date | Apr. 27, 2021 | |
Payment Date | May 17, 2021 | |
Series 2012-A Preferred Stock (Preferred Stock) [Member] | July 8, 2021 [Member] | ||
Class of Stock [Line Items] | ||
Declaration Date | Jul. 8, 2021 | |
Dividend Per Share | $ 0.1594 | |
Aggregate Dividend Amount | $ 370 | |
Record Date | Aug. 9, 2021 | |
Payment Date | Aug. 16, 2021 |
Equity (Details Textual)
Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 12, 2018 | Jun. 08, 2018 | Sep. 17, 2017 | Feb. 29, 2020 | Jun. 08, 2018 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Oct. 13, 2021 | Mar. 08, 2021 | Feb. 28, 2021 | Mar. 11, 2013 |
Equity (Textual) | ||||||||||||||||||||
Preferred stock dividend declared | $ 370 | $ 370 | $ 370 | $ 370 | $ 370 | $ 370 | ||||||||||||||
Dividends declared per common share | $ 0.085 | $ 0.085 | $ 0.075 | |||||||||||||||||
Common stock dividends declared | $ 0.1594 | |||||||||||||||||||
Unrecognized compensation cost | 5,400 | $ 5,400 | ||||||||||||||||||
Weighted-average period | 2 years 7 months 6 days | |||||||||||||||||||
Treasury stock outstanding | 2,000,000 | 1,300,000 | ||||||||||||||||||
Treasury stock cost | $ 13,900 | $ 9,800 | ||||||||||||||||||
Weighted average cost per share | $ 7.03 | $ 7.46 | ||||||||||||||||||
Dividend Per Share | $ 0.1594 | |||||||||||||||||||
Stock Repurchase Program [Member] | ||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||
Common stock issued for stock repurchase program | $ 5,300 | |||||||||||||||||||
2011 Plan [Member] | ||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||
Expiration date of the option | Oct. 24, 2021 | |||||||||||||||||||
Stock-Based Compensation [Member] | Board of Directors [Member] | ||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||
Deferred stock units granted | 305,000 | 305,000 | ||||||||||||||||||
Recognized compensation cost | $ 0 | |||||||||||||||||||
Preferred Stock | ||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||
Preferred stock dividend declared | ||||||||||||||||||||
Paid date of declared dividend | Nov. 15, 2021 | |||||||||||||||||||
Record date of declared dividend | Nov. 8, 2021 | |||||||||||||||||||
Stock option and incentive plan to reserve | ||||||||||||||||||||
Stockholders grant of options purchase | ||||||||||||||||||||
Class A Common Stock | ||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||
Preferred stock dividend declared | ||||||||||||||||||||
Stock option and incentive plan to reserve | ||||||||||||||||||||
Stockholders grant of options purchase | ||||||||||||||||||||
Class B Common Stock | ||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||
Number of stock authorized to be repurchased | 7,000,000 | |||||||||||||||||||
Preferred stock dividend declared | ||||||||||||||||||||
Expiration date of the option | Jun. 30, 2023 | |||||||||||||||||||
Number of common stock shares issued | 218,862 | |||||||||||||||||||
Sale of shares | 1,152,074 | |||||||||||||||||||
Treasury shares | 230,415 | |||||||||||||||||||
Warrants to purchase shares | 1,257,862 | 1,257,862 | ||||||||||||||||||
Warrants exercise price per share | $ 4.77 | $ 4.77 | ||||||||||||||||||
Stock option and incentive plan to reserve | 20 | |||||||||||||||||||
Stockholders grant of options purchase | 248 | 121 | 20 | |||||||||||||||||
Percenatge of vested interest | 4.30% | |||||||||||||||||||
Class B Common Stock | Stock Repurchase Program [Member] | ||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||
Number of shares repurchased, shares | 230,000 | 11,738 | 623,000 | 224,944 | ||||||||||||||||
Aggregate amount of shares under stock purchase program | $ 1,400 | $ 100 | $ 3,800 | $ 1,600 | ||||||||||||||||
Class B Common Stock | Stock-Based Compensation [Member] | 2021 Plan [Member] | Share-based Payment Arrangement, Employee [Member] | ||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||
Maximum number of shares reserved for the grant of awards | 1 | |||||||||||||||||||
Class B Common Stock | Howard S. Jonas [Member] | ||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||
Expiration date of the option | Jun. 30, 2023 | |||||||||||||||||||
Warrants to purchase shares | 1,048,218 | 1,048,218 | ||||||||||||||||||
Warrants exercise price per share | $ 4.77 | $ 4.77 | ||||||||||||||||||
Amount of warrants aggregate exercise price | $ 5,000 | |||||||||||||||||||
Class B Common Stock | Investor [Member] | ||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||
Amount of aggregate sales price | $ 1,000 | |||||||||||||||||||
Warrants to purchase shares | 209,644 | |||||||||||||||||||
Warrants exercise price per share | $ 4.77 | |||||||||||||||||||
Amount of warrants aggregate exercise price | $ 1,000 |
Variable Interest Entity (Detai
Variable Interest Entity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Variable Interest Entity [Abstract] | ||||
Net loss | $ (445) | $ (399) | $ (818) | $ (1,147) |
Aggregate funding provided by the Company, net | $ (393) | $ (932) | $ (921) | $ (1,454) |
Variable Interest Entity (Det_2
Variable Interest Entity (Details 1) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | $ 193,620 | $ 187,339 |
CCE [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 1,849 | 1,699 |
Total liabilities and noncontrolling interests | 1,849 | 1,699 |
CCE [Member] | Cash, cash equivalents and restricted cash [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 659 | 491 |
CCE [Member] | Trade accounts receivable [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 399 | 433 |
CCE [Member] | Prepaid expenses and other current assets [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 432 | 416 |
CCE [Member] | Other assets [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total assets | 359 | 359 |
CCE [Member] | Current liabilities [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total liabilities and noncontrolling interests | 565 | 518 |
CCE [Member] | Due to IDT Energy [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total liabilities and noncontrolling interests | 5,043 | 4,122 |
CCE [Member] | Noncontrolling interests [Member] | ||
Variable Interest Entity Classifications Of Carrying Amount Assets And Liabilities Net [Abstract] | ||
Total liabilities and noncontrolling interests | $ (3,759) | $ (2,941) |
Variable Interest Entity (Det_3
Variable Interest Entity (Details Textual) - CCE [Member] $ in Millions | 1 Months Ended |
Oct. 31, 2015USD ($) | |
Variable Interest Entity (Textual) | |
Percentage of option to purchase | 100.00% |
Forgiveness of loan | $ 0.5 |
Expiration date of the option | Oct. 22, 2023 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Taxes [Abstract] | ||||
Reported tax rate | 254.00% | 28.00% | (96.50%) | 29.20% |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Basic weighted-average number of shares | 25,514 | 25,928 | 25,867 | 26,107 |
Effect of dilutive securities: | ||||
Stock options and warrants | 711 | 628 | ||
Non-vested restricted Class B common stock | 130 | 104 | ||
Diluted weighted-average number of shares | 25,514 | 26,769 | 25,867 | 26,839 |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options | 665 | 731 | 126 | |
Non-vested restricted Class B common stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options | 27 | 33 | ||
Non-vested Deferred Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options | 610 | 610 | 610 | 610 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | |
IDT [Member] | ||||
Summary of related party transactions | ||||
Amount charged the Company | $ 247 | $ 286 | $ 806 | $ 766 |
Amount the Company charged IDT | 33 | 35 | 114 | 105 |
Rafael [Member] | ||||
Summary of related party transactions | ||||
Amount charged the Company | $ 57 | $ 56 | $ 168 | $ 170 |
Related Party Transactions (D_2
Related Party Transactions (Details 1) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
IDT [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 152 | $ 299 |
Due from related parties | 43 | 40 |
Rafael [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties |
Related Party Transactions (D_3
Related Party Transactions (Details Textual) $ / shares in Units, ₪ in Millions | Sep. 17, 2017shares | Dec. 31, 2020USD ($)$ / sharesshares | Aug. 31, 2018USD ($) | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | May 31, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 01, 2020 | Aug. 31, 2019ILS (₪) | Aug. 31, 2019USD ($) | Aug. 12, 2019ILS (₪) | Sep. 30, 2018 |
Related Party Transactions (Textual) | |||||||||||||||
Unrealized gain on investment | $ (5,312,000) | $ 1,710,000 | |||||||||||||
Outstanding balance | $ 100,000 | 100,000 | 100,000 | ||||||||||||
New note payment terms, description | December 31, 2020 to December 2052. | ||||||||||||||
Equity in the net loss | $ 52,000 | $ (146,000) | $ 215,000 | (1,698,000) | |||||||||||
Class B Common Stock | |||||||||||||||
Related Party Transactions (Textual) | |||||||||||||||
Number of common stock shares issued | shares | 218,862 | ||||||||||||||
Warrants to purchase shares | shares | 1,257,862 | 1,257,862 | |||||||||||||
Warrants exercise price per share | $ / shares | $ 4.77 | $ 4.77 | |||||||||||||
Rafael [Member] | |||||||||||||||
Related Party Transactions (Textual) | |||||||||||||||
Unrealized gain on investment | $ 5,300 | $ 1,100 | |||||||||||||
Outstanding payable | |||||||||||||||
Rafael [Member] | Class B Common Stock | |||||||||||||||
Related Party Transactions (Textual) | |||||||||||||||
Fair value of common stock | $ 5,000,000 | ||||||||||||||
Number of common stock shares issued | shares | 218,245 | ||||||||||||||
Warrants to purchase shares | shares | 43,649 | 43,649 | |||||||||||||
Warrants exercise price per share | $ / shares | $ 22.91 | $ 22.91 | |||||||||||||
Warrants expiry date | Jun. 6, 2022 | ||||||||||||||
Amount of warrants aggregate exercise price | 1,000,000 | ||||||||||||||
Carrying value of investments in the common stock | 8,000,000 | 8,000,000 | |||||||||||||
IGM Brokerage Corp. [Member] | |||||||||||||||
Related Party Transactions (Textual) | |||||||||||||||
Payment of insurance premium | $ 300,000 | ||||||||||||||
Outstanding payable | 0 | 0 | |||||||||||||
Atid 613 [Member] | |||||||||||||||
Related Party Transactions (Textual) | |||||||||||||||
Outstanding balance | $ 200,000 | ||||||||||||||
Percentage of ownership | 37.50% | ||||||||||||||
Equity in the net loss | $ 0 | ||||||||||||||
Carrying value of investment in equity method investees | 100,000 | 100,000 | $ 100,000 | ||||||||||||
Maximum principal amount on working capital financing | 400,000 | 400,000 | |||||||||||||
Agreed to loan amount | 1,500,000 | 1,500,000 | ₪ 5.1 | ||||||||||||
Commitment to loan amount | $ 500,000 | $ 500,000 | ₪ 1.9 | ||||||||||||
Additional loan amount | ₪ 0.8 | $ 200,000 | |||||||||||||
Annual interest rate | 5.50% | 5.50% | 0.00% | ||||||||||||
Recognized equity net loss | $ 200,000 |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating results for the business segments | |||||
Revenues | $ 113,164 | $ 96,326 | $ 346,211 | $ 276,452 | |
Income (loss) from operations | 6,873 | 8,485 | 1,655 | 20,428 | |
Depreciation and amortization | 881 | 670 | 3,326 | 2,219 | |
Impairment of assets | $ 6,650 | 6,650 | 993 | ||
Equity in the net income (loss) in equity method investees, net | 52 | (146) | 215 | (1,698) | |
GRE [Member] | |||||
Operating results for the business segments | |||||
Revenues | 86,317 | 88,924 | 243,960 | 234,540 | |
Income (loss) from operations | 19,714 | 12,229 | 26,427 | 31,203 | |
Depreciation and amortization | 90 | 118 | 295 | 347 | |
Impairment of assets | |||||
Equity in the net income (loss) in equity method investees, net | |||||
GRE International [Member] | |||||
Operating results for the business segments | |||||
Revenues | 25,509 | 5,829 | 96,081 | 17,820 | |
Income (loss) from operations | 10,935 | (1,575) | 20,630 | (4,701) | |
Depreciation and amortization | 779 | 527 | 2,996 | 1,512 | |
Impairment of assets | 6,650 | 6,650 | |||
Equity in the net income (loss) in equity method investees, net | (1,502) | ||||
Genie Renewables [Member] | |||||
Operating results for the business segments | |||||
Revenues | 1,338 | 1,573 | 6,170 | 24,092 | |
Income (loss) from operations | 203 | (614) | 690 | (1,385) | |
Depreciation and amortization | 12 | 11 | 34 | 314 | |
Impairment of assets | 993 | ||||
Equity in the net income (loss) in equity method investees, net | |||||
Corporate [Member] | |||||
Operating results for the business segments | |||||
Revenues | |||||
Income (loss) from operations | 1,703 | (1,555) | 4,832 | (4,689) | |
Depreciation and amortization | 14 | 1 | |||
Impairment of assets | |||||
Equity in the net income (loss) in equity method investees, net | $ 52 | $ (146) | $ 215 | $ (17) |
Business Segment Information _2
Business Segment Information (Details 1) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 193,620 | $ 187,339 |
GRE [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 128,293 | 101,904 |
GRE International [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 41,926 | 55,273 |
Genie Renewables [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 3,616 | 3,171 |
Corporate [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 19,785 | $ 26,991 |
Business Segment Information _3
Business Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2021Segment | |
Business Segment Information (Textual) | |
Number of reportable segments | 3 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Commitments and Contingencies [Abstract] | |
Remainder of 2021 | $ 34,397 |
2022 | 111,526 |
2023 | 61,927 |
2024 | 11,013 |
2025 | 1,006 |
Thereafter | |
Total payments | $ 219,869 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Textual) | Mar. 12, 2021USD ($) | Jul. 31, 2021USD ($) | May 31, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021GBP (£) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) |
Commitments and Contingencies (Textual) | |||||||||
Future purchase commitments | $ 219,869,000 | $ 219,869,000 | |||||||
Aggregate performance bond outstanding | 13,400,000 | 13,400,000 | |||||||
Trade accounts payable | 15,500,000 | 15,500,000 | |||||||
New York PSC [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Gross revenue | 12,800 | $ 40,100 | |||||||
Electricity [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Future purchase commitments | 170,700,000 | 170,700,000 | |||||||
Purchase of Electricity expenses | 10,700,000 | $ 23,200,000 | 10,400,000 | 43,100,000 | |||||
Renewable energy credits [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Future purchase commitments | 49,200,000 | 49,200,000 | |||||||
Purchase of renewable energy credit | $ 8,500,000 | $ 5,900,000 | $ 16,400,000 | $ 12,500,000 | |||||
Shell Exclusive Supply Contract with Shoreditch [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Additional period of extended payment facilities | 30 days | 30 days | |||||||
Long-term purchase commitment, Maximum amount | £ | £ 5,000,000 | ||||||||
Basis spread on variable rate for extended payment facilities | 5.00% | 5.00% | |||||||
Additional charges per therm | £ | 0.9 | ||||||||
Agreed to make payments totaling | $ 9,100,000 | $ 9,100,000 | |||||||
Trade Accounts Receivable [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Assets pledged as collateral to BP Energy | 51,700,000 | 51,700,000 | |||||||
Restricted Cash [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Assets pledged as collateral to BP Energy | 900,000 | 900,000 | |||||||
State of Connecticut Public Utilities Regulatory Authority [Member] | Town Square [Member] | Settlement Agreement [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Gross revenue | 9,000 | 24,900 | |||||||
Accrued payables for customer complaints | 400,000 | 400,000 | |||||||
State of Connecticut Public Utilities Regulatory Authority [Member] | Residents Energy [Member] | Settlement Agreement [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Gross revenue | 100,000 | 200,000 | |||||||
Accrued payables for customer complaints | $ 400 | $ 300,000 | 300,000 | 300,000 | |||||
Loss Contingency, Penalty period for marketing activities | 15 months | 36 months | |||||||
Settlement payment amount | $ 1,500,000 | ||||||||
Loss Contingency, Penalty period for suspension of license | 18 months | ||||||||
Office of the Attorney General of the State of Illinois [Member] | Residents Energy [Member] | Settlement Agreement [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Gross revenue | 7,200,000 | $ 20,200,000 | |||||||
Settlement payment amount | $ 0 | 0 | |||||||
State of Maine Public Utility Commission [Member] | Town Square [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Gross revenue | $ 300,000 | ||||||||
State of Maine Public Utility Commission [Member] | Town Square [Member] | Settlement Agreement [Member] | |||||||||
Commitments and Contingencies (Textual) | |||||||||
Gross revenue | $ 1,100,000 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | May 13, 2020 | Dec. 11, 2019 | Dec. 05, 2019 | Apr. 04, 2017 | Nov. 28, 2019 | Oct. 16, 2020 | Apr. 30, 2020 |
Line of Credit Facility [Line Items] | |||||||
Revolving loan facility | $ 3.5 | ||||||
JPMorgan Chase Bank [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit facility, description | 30, 2021</span>, there are no letters of credit issued by JP Morgan Chase Bank. At September <span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 31.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">30, 2021</span>, the cash collateral of $5.7 million was included in restricted cash—short-term in the consolidated balance sheet." id="sjs-D6">the Company entered into the first amendment of Credit Agreement with JPMorgan Chase Bank (“Credit Agreement”) to extend the maturity date of December 31, 2020. On December 8, 2020, the Company entered into the second amendment of its existing Credit Agreement to extend the maturity date to December 31, 2021. The Company continues to have the aggregate principal amount of $5.0 million credit line facility (“Credit Line”). The Company pays a commitment fee of 0.1% per annum on unused portion of the Credit Line as specified in the Credit Agreement. The borrowed amounts will be in the form of letters of credit which will bear interest of 1.0% per annum. The Company will also pay a fee for each letter of credit that is issued equal to the greater of $500 or 1.0% of the original maximum available amount of the letter of credit. The Company agreed to deposit cash in a money market account at JPMorgan Chase Bank as collateral for the line of credit equal to $5.1 million. As of September<span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 31.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"> 30, 2021</span>, there are no letters of credit issued by JP Morgan Chase Bank. At September <span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 31.6667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">30, 2021</span>, the cash collateral of $5.7 million was included in restricted cash—short-term in the consolidated balance sheet. | ||||||
Loan with Tokyo Star Bank [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit facility, description | see</span> Note 5). At December 31, 2020, the effective interest rate was 3.0%." id="sjs-B9">Genie Japan entered into a new Loan Agreement with Tokyo Star Bank for a ¥150.0 million (equivalent to $1.4 million) short-term credit facility ("May 2020 Loan") with maturity date of November 13, 2020. On November 13, 2020, Genie Japan and Tokyo Star Bank amended the May 2020 Loan to extend the maturity date to May 13, 2021. Genie Japan provided a letter of credit issued by JPMorgan Chase in the amount of ¥150.0 million (equivalent to $1.4 million) as collateral. The outstanding principal amount incurred interest at 3.0% per annum and was payable monthly. In May 2021, the Company completed the divestiture of Genie Japan including balance of the May 2020 Loan (<span style="font-style: italic;">see</span> Note 5). At December 31, 2020, the effective interest rate was 3.0%. | ||||||
Description loan agreement | Genie Japan entered into a Loan Agreement with Tokyo Star Bank for a ¥100.0 million (equivalent to $0.9 million) short-term credit facility. Genie Japan provided a letter of credit issued by JPMorgan Chase amounting to ¥100.0 million (equivalent to $0.9 million) as collateral. The outstanding principal amount incurred interest at Tokyo Star Bank's short-term prime rate plus 0.25% per annum. Interest was payable monthly and all outstanding principal and any accrued and unpaid interest matured on May 13, 2020. Genie Japan settled the Loan agreement and paid the outstanding balance of ¥100.0 million (equivalent to $0.9 million) on May 13, 2020. | ||||||
Vantage Commodities Financial Services II, LLC [Member] | GRE Credit Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum principal amount on revolving line of credit | $ 20 | ||||||
Interest rate on principal outstanding, description | outstanding principal amount incurred interest at LIBOR plus 4.5% per annum. | ||||||
Maturity date | Apr. 3, 2020 | ||||||
Notes Payable to Banks [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Annual interest rate | 5.95% | ||||||
Outstanding balance of notes payable | $ 0.9 | ||||||
Notes payable, frequency of periodic payment | monthly | ||||||
Period of notes payable | 10 years | ||||||
Fixed interest of outstanding principal amount of notes payable | 4.75% | ||||||
Payment of the remaining principal amount of notes payable | $ 0.9 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Millions | Sep. 30, 2021USD ($) |
Subsequent Event [Line Items] | |
Carrying value of the investment | $ 8 |
Carrying value of goodwill | 13.9 |
Orbits liabilities | $ 30.7 |