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$19.14-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (in thousands) | ||
| Operating activities | ||
| Net income | $27,754 | $43,928 |
| Net (loss) income from discontinued operations, net of tax | (435) | 5,923 |
| Net income from continuing operations | 28,189 | 38,005 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for captive insurance liability | 2,667 | — |
| Depreciation and amortization | 646 | 286 |
| Impairment of assets | 199 | — |
| Provision for doubtful accounts receivable | 1,651 | 1,722 |
| Inventory valuation allowance | 417 | 829 |
| Unrealized gain on marketable equity securities and investments and others, net | (637) | (386) |
| Stock-based compensation | 1,723 | 2,254 |
| Changes in assets and liabilities: | ||
| Trade accounts receivable | 10,016 | (7,271) |
| Inventory | 4,593 | (6,114) |
| Prepaid expenses | 4,033 | (3,753) |
| Other current assets and other assets | 1,796 | 2,637 |
| Trade accounts payable, accrued expenses and other liabilities | (12,379) | 10,963 |
| Due to IDT Corporation, net | (29) | (45) |
| Income taxes payable | 6,289 | (6,566) |
| Net cash provided by operating activities of continuing operations | 49,174 | 32,561 |
| Net cash provided by operating activities of discontinued operations | 8,570 | 19,461 |
| Net cash provided by operating activities | 57,744 | 52,022 |
| Investing activities | ||
| Capital expenditures | (4,025) | (878) |
| Purchase of solar system facility | (1,344) | — |
| Purchases of marketable equity securities and other investments | (4,042) | (9,913) |
| Purchase of equity of subsidiary | (1,200) | — |
| Purchase of investment property, net of noncontrolling interest paid by Howard Jonas | (934) | — |
| Proceeds from the sale of marketable equity securities and other investments | — | 10,023 |
| Repayment of notes receivable | — | 19 |
| Net cash used in investing activities of continuing operations | (11,545) | (749) |
| Net cash provided by investing activities of discontinued operations | — | 2,578 |
| Net cash (used in) provided by investing activities | (11,545) | 1,829 |
| Financing activities | ||
| Dividends paid | (6,171) | (6,818) |
| Repurchases of Class B common stock | (7,908) | — |
| Repurchases of Class B common stock from employees | (3,614) | (2,338) |
| Repurchase of Class B common stock from Genie Foundation | (768) | — |
| Proceeds from the exercise of warrants | — | 5,000 |
| Redemption of preferred stock | — | (8,359) |
| Net cash used in financing activities | (18,461) | (12,515) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (120) | 61 |
| Net increase in cash, cash equivalents, and restricted cash | 27,618 | 41,397 |
| Cash, cash equivalents, and restricted cash (including cash held at discontinued operations) at beginning of period | 165,479 | 106,080 |
| Cash, cash equivalents and restricted cash (including cash held at discontinued operations) at end of the period | 193,097 | 147,477 |
| Less: Cash held at of discontinued operations at end of period | 1,845 | 4,074 |
| Cash, cash equivalents, and restricted cash (excluding cash held at discontinued operations) at end of period | $191,252 | $143,403 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.