Genie Energy Ltd.
For the period ended Dec 31, 2024. Filed Mar 14, 2025.
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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.
FY2024 · Filed Mar 14, 2025
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) | 2024 | 2023 | 2022 |
| OPERATING ACTIVITIES | |||
| Net income | $12,295 | $20,278 | $86,931 |
| Net (loss) income from discontinued operations, net of tax | (2,907) | 6,409 | 30,445 |
| Net income from continuing operations | 15,202 | 13,869 | 56,486 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Provision for captive insurance liability | 33,612 | 45,088 | — |
| Depreciation and amortization | 884 | 463 | 385 |
| Deferred income taxes | (1,855) | 599 | (595) |
| Provision for doubtful accounts receivable | 2,359 | 2,362 | 2,515 |
| Stock-based compensation | 2,346 | 2,783 | 2,968 |
| Inventory valuation allowance | 417 | 1,148 | — |
| Charitable donation of Class B common stock | — | 1,006 | — |
| Unrealized (gain) loss on marketable equity securities and investments and others | (766) | (23) | 434 |
| Impairment of assets | 185 | — | 2,066 |
| Change in assets and liabilities, net of effect of acquisition: | |||
| Trade accounts receivable | (2,214) | (9,137) | (16,339) |
| Inventory | 917 | (8,714) | 2,005 |
| Prepaid expenses | 5,326 | (6,089) | (2,658) |
| Other current assets and other assets | (1,738) | 494 | (5,595) |
| Trade accounts payable, accrued expenses and other current liabilities | 3,100 | 22,986 | 11,635 |
| Due to IDT Corporation | (10) | (20) | (367) |
| Income taxes payable | 2,496 | (15,877) | 13,064 |
| Net cash provided by operating activities of continuing operations | 60,261 | 50,938 | 66,004 |
| Net cash provided by operating activities of discontinued operations | 10,481 | 11,540 | 14,680 |
| Net cash provided by operating activities | 70,742 | 62,478 | 80,684 |
| INVESTING ACTIVITIES | |||
| Capital expenditures | (6,696) | (1,363) | (1,019) |
| Purchase of solar system facilities | (1,344) | (7,665) | — |
| Proceeds from sale of marketable equity securities and other investments | 582 | 10,023 | — |
| Purchase of marketable equity securities and other investments | (6,142) | (11,019) | (2,729) |
| Purchase of equity of subsidiary | (1,200) | — | — |
| Purchase of investment property, net of noncontrolling interest portion paid by Howard Jonas | (1,237) | — | — |
| 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 | (16,037) | (10,005) | (5,234) |
| Net cash provided by (used in) investing activities of discontinued operations | — | 23,645 | (44,088) |
| Net cash (used in) provided by investing activities | (16,037) | 13,640 | (49,322) |
| FINANCING ACTIVITIES | |||
| Dividends paid | (8,210) | (8,873) | (9,158) |
| Repurchases of Class B common stock | (10,443) | (37) | (4,414) |
| Repurchases of Class B common stock from employees | (3,614) | (2,888) | (567) |
| Repurchase of Class B common stock from Genie Foundation | (768) | — | — |
| Proceeds from term loan, net | 7,285 | — | — |
| Proceeds from exercise of warrants | — | 5,000 | — |
| Redemption of preferred stock | — | (8,359) | (11,384) |
| Net cash used in financing activities of continuing operations | (15,750) | (15,157) | (25,523) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 7 | (60) | 17 |
| Net increase in cash, cash equivalents and restricted cash | 38,962 | 60,901 | 5,856 |
| Cash, cash equivalents and restricted cash (excluding discontinued operations) at beginning of year | 162,996 | 104,578 | 100,225 |
| Cash, cash equivalents and restricted cash (including discontinued operations) at end of year | 201,958 | 165,479 | 106,081 |
| Less: Cash of discontinued operations at end of year | (1,314) | (2,483) | (1,503) |
| Cash and cash equivalents and restricted cash (excluding discontinued operations) at end of year | $200,644 | $162,996 | $104,578 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
| Cash payments made for interest | $98 | $93 | $123 |
| Cash payments made for income taxes | $3,630 | $20,715 | $8,570 |
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