Equity (Tables)

3 Months Ended

Mar. 31, 2020

The Company and affiliates owned the following economic interests in Spark HoldCo at March 31, 2020 and December 31, 2019, respectively.



	The Company		Affiliated Owners
March 31, 2020	41.07	%	58.93	%
December 31, 2019	41.04	%	58.96	%

Summary of Net Income (Loss) and Income Tax Expense (Benefit) Attributable to Non-controlling Interest

The following table summarizes the portion of net income (loss) and income tax expense (benefit) attributable to non-controlling interest (in thousands):



	Three Months Ended March 31,
	2020		2019

Net income allocated to non-controlling interest	$	6,085	$	993
Income tax expense (benefit) allocated to non-controlling interest	496		(970		)
Net income attributable to non-controlling interest	$	5,589	$	1,963

Computation of Basic and Diluted Income (Loss) Per Share

The following table presents the computation of basic and diluted income (loss) per share for the three months ended March 31, 2020 and 2019 (in thousands, except per share data):



	Three Months Ended March 31,
	2020		2019
Net income attributable to Spark Energy, Inc. stockholders	$	4,479	$	782
Less: Dividend on Series A preferred stock	1,500		2,027
Net income (loss) attributable to stockholders of Class A common stock	$	2,979	$	(1,245	)

Basic weighted average Class A common shares outstanding	14,381		14,135
Basic income (loss) per share attributable to stockholders	$	0.21	$	(0.09	)

Net income (loss) attributable to stockholders of Class A common stock	$	2,979	$	(1,245	)
Effect of conversion of Class B common stock to shares of Class A common stock	—		—
Diluted net income (loss) attributable to stockholders of Class A common stock	$	2,979	$	(1,245	)

Basic weighted average Class A common shares outstanding	14,381		14,135
Effect of dilutive Class B common stock	—		—
Effect of dilutive restricted stock units	403		—
Diluted weighted average shares outstanding	14,784		14,135

Diluted income (loss) per share attributable to stockholders	$	0.20	$	(0.09	)

Carrying Amounts and Classification of Assets and Liabilities

The following table includes the carrying amounts and classification of the assets and liabilities of Spark HoldCo that are included in our condensed consolidated balance sheet as of March 31, 2020 and December 31, 2019 (in thousands):



	March 31, 2020		December 31, 2019
Assets
Current assets:
Cash and cash equivalents	$	54,196	$	56,598
Accounts receivable	79,801		113,635
Other current assets	69,419		64,476
Total current assets	203,416		234,709
Non-current assets:
Goodwill	120,343		120,343
Other assets	36,787		37,826
Total non-current assets	157,130		158,169
Total Assets	$	360,546	$	392,878

Liabilities
Current liabilities:
Accounts payable and accrued liabilities	$	70,482	$	86,097
Other current liabilities	80,107		65,863
Total current liabilities	150,589		151,960
Long-term liabilities:
Long-term portion of Senior Credit Facility	95,000		123,000
Other long-term liabilities	2,029		712
Total long-term liabilities	97,029		123,712
Total Liabilities	$	247,618	$	275,672

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details