Genie Energy Ltd
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
GNE$19.25+8.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
| September 30,2024 | December 31,2023 | |
|---|---|---|
| (Unaudited) | (Note 1) | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents (including amounts related to variable interest entity of $240 and $245 at September 30, 2024 and December 31, 2023, respectively) | $136,295 | $107,609 |
| Restricted cash—short-term (including amounts related to variable interest entity of $34 and $20 at September 30, 2024 and December 31, 2023, respectively) | 7,686 | 10,442 |
| Marketable equity securities | 420 | 396 |
| Trade accounts receivable, net of allowance for doubtful accounts of $7,697 and $6,574 at September 30, 2024 and December 31, 2023, respectively (including accounts receivable related to variable interest entity of $176 and $275 at September 30, 2024 and December 31, 2023, respectively) | 50,335 | 61,909 |
| Inventory | 8,513 | 14,598 |
| Prepaid expenses (including amounts related to variable interest entity of $347 and $313 at September 30, 2024 and December 31, 2023, respectively) | 11,408 | 16,222 |
| Other current assets | 6,726 | 5,475 |
| Current assets of discontinued operations | 6,280 | 13,182 |
| Total current assets | 227,663 | 229,833 |
| Restricted cash—long-term | 47,271 | 44,945 |
| Property and equipment, net | 22,396 | 15,192 |
| Goodwill | 12,690 | 9,998 |
| Other intangibles, net | 2,459 | 2,735 |
| Deferred income tax assets, net | 5,197 | 5,200 |
| Other assets (including amounts related to variable interest entity of $363 and $360 at September 30, 2024 and December 31, 2023, respectively) | 18,821 | 15,247 |
| Noncurrent assets of discontinued operations | 5,184 | 7,405 |
| Total assets | $341,681 | $330,555 |
| Liabilities and equity | ||
|---|---|---|
| Current liabilities: | ||
| Trade accounts payable | 23,679 | 27,881 |
| Accrued expenses (including amounts related to variable interest entity of $500 and $533 at September 30, 2024 and December 31, 2023, respectively) | 44,211 | 49,389 |
| Income taxes payable | 12,988 | 6,699 |
| Due to IDT Corporation, net | 116 | 145 |
| Other current liabilities | 6,194 | 9,280 |
| Current liabilities of discontinued operations | 1,637 | 4,858 |
| Total current liabilities | 88,825 | 98,252 |
| Noncurrent captive insurance liability | 47,271 | 44,945 |
| Notes payable | 1,775 | — |
| Other liabilities | 2,821 | 2,212 |
| Noncurrent liabilities of discontinued operations | 703 | 638 |
| Total liabilities | 141,395 | 146,047 |
| Commitments and contingencies | — | — |
| Equity: | ||
| 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 0 shares issued and outstanding at September 30, 2024 and December 31, 2023 | — | — |
| Class A common stock, $0.01 par value; authorized shares—35,000; 1,574 shares issued and outstanding at September 30, 2024 and December 31, 2023 | 16 | 16 |
| Class B common stock, $0.01 par value; authorized shares—200,000; 29,310 and 28,764 shares issued and 25,651 and 25,820 shares outstanding at September 30, 2024 and December 31, 2023, respectively | 293 | 288 |
| Additional paid-in capital | 158,570 | 156,101 |
| Treasury stock, at cost, consisting of 3,659 and 2,944 shares of Class B common stock at September 30, 2024 and December 31, 2023 | (34,951) | (22,661) |
| Accumulated other comprehensive income | 5,212 | 3,299 |
| Retained earnings | 81,959 | 60,196 |
| Total Genie Energy Ltd. stockholders’ equity | 211,099 | 197,239 |
| Noncontrolling interests: | ||
| Noncontrolling interests | (9,943) | (12,731) |
| Receivable from issuance of equity | (870) | — |
| Total noncontrolling interests | (10,813) | (12,731) |
| Total equity | 200,286 | 184,508 |
| Total liabilities and equity | $341,681 | $330,555 |
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