Genie Energy Ltd
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 14, 2024
GNE$19.14-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended December 31, | ||
|---|---|---|
| (in thousands) | 2023 | 2022 |
| OPERATING ACTIVITIES | ||
| Net income | $20,278 | $86,931 |
| Net income from discontinued operations, net of tax | 6,409 | 30,445 |
| Net income from continuing operations | 13,869 | 56,486 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for captive insurance liability | 45,088 | — |
| Depreciation and amortization | 463 | 385 |
| Deferred income taxes | 599 | (595) |
| Provision for doubtful accounts receivable | 2,362 | 2,515 |
| Stock-based compensation | 2,783 | 2,968 |
| Inventory valuation allowance | 1,148 | — |
| Charitable donation of Class B common stock | 1,006 | — |
| Unrealized (gain) loss on marketable equity securities and investments and others | (23) | 434 |
| Impairment of assets | — | 2,066 |
| Change in assets and liabilities, net of effect of acquisition: | ||
| Trade accounts receivable | (9,137) | (16,339) |
| Inventory | (8,714) | 2,005 |
| Prepaid expenses | (6,089) | (2,658) |
| Other current assets and other assets | 494 | (5,595) |
| Trade accounts payable, accrued expenses and other current liabilities | 22,986 | 11,635 |
| Due to IDT Corporation | (20) | (367) |
| Income taxes payable | (15,877) | 13,064 |
| Net cash provided by operating activities of continuing operations | 50,938 | 66,004 |
| Net cash provided by discontinued operations | 11,540 | 14,680 |
| Net cash provided by operating activities | 62,478 | 80,684 |
| INVESTING ACTIVITIES | ||
| Capital expenditures | (1,363) | (1,019) |
| Purchase of solar system facilities | (7,665) | — |
| Proceeds from sale of marketable equity securities and other investments | 10,023 | — |
| Purchase of marketable equity securities and other investments | (11,019) | (2,729) |
| Investment in notes receivable with related party | — | (1,505) |
| Repayment of notes receivables with related party | 19 | 19 |
| Net cash used in investing activities of continuing operations | (10,005) | (5,234) |
| Net cash provided by (used in) investing activities of discontinued operations | 23,645 | (44,088) |
| Net cash provided by (used in) investing activities | 13,640 | (49,322) |
| FINANCING ACTIVITIES | ||
| Dividends paid | (8,873) | (9,158) |
| Repurchases of Class B common stock | (37) | (4,414) |
| Repurchases of Class B common stock from employees | (2,888) | (567) |
| Proceeds from exercise of warrants | 5,000 | — |
| Redemption of preferred stock | (8,359) | (11,384) |
| Net cash used in financing activities of continuing operations | (15,157) | (25,523) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (60) | 17 |
| Net increase in cash, cash equivalents and restricted cash | 60,901 | 5,856 |
| Cash, cash equivalents and restricted cash (excluding discontinued operations) at beginning of year | 104,578 | 100,225 |
| Cash, cash equivalents and restricted cash (including discontinued operations) at end of year | 165,479 | 106,081 |
| Less: Cash of discontinued operations at end of year | (2,483) | (1,503) |
| Cash and cash equivalents and restricted cash (excluding discontinued operations) at end of year | $162,996 | $104,578 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
| Cash payments made for interest | $93 | $123 |
| Cash payments made for income taxes | $20,715 | $8,570 |
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