Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Reconciliation of Retail Gross Margin to Income Before Income Tax Expense

Below is a reconciliation of retail gross margin to income before income tax expense (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Reconciliation of Retail Gross Margin to Income before taxes
Income before income tax expense	$	27,747	$	44,243	$	72,190	$	17,959
Interest and other income	(80)		(322)		(293)		(1,005)
Interest expense	1,487		2,174		4,233		6,392
Operating income	29,154		46,095		76,130		23,346
Depreciation and amortization	7,278		9,496		24,084		31,963
General and administrative	19,080		27,629		66,087		94,352
Less:
Net asset optimization (expense) revenues	(558)		(254)		(319)		2,242
Net, gain (loss) on non-trading derivative instruments	2,550		12,528		(14,019)		(42,741)
Net, Cash settlements on non-trading derivative instruments	6,489		12,764		33,153		33,677
Retail Gross Margin	$	47,031	$	58,182	$	147,486	$	156,483

Financial Data for Business Segments

Financial data for business segments are as follows (in thousands):

Three Months Ended September 30, 2020
	Retail Electricity		Retail Natural Gas		Corporate and Other		Eliminations		Consolidated
Total Revenues	$	132,958	$	8,230	$	(558)	$	—	$	140,630
Retail cost of revenues	82,061		3,057		—		—		85,118
Less:
Net asset optimization expense	—		—		(558)		—		(558)
Net, gain on non-trading derivative instruments	1,923		627		—		—		2,550
Current period settlements on non-trading derivatives	6,212		277		—		—		6,489
Retail Gross Margin	$	42,762	$	4,269	$	—	$	—	$	47,031
Total Assets at September 30, 2020	$	2,821,953	$	910,665	$	322,542	$	(3,694,032)	$	361,128
Goodwill at September 30, 2020	$	117,813	$	2,530	$	—	$	—	$	120,343

Three Months Ended September 30, 2019
	Retail Electricity		Retail Natural Gas		Corporate and Other		Eliminations		Consolidated
Total revenues	$	197,010	$	10,331	$	(254)	$	—	$	207,087
Retail cost of revenues	119,100		4,767		—		—		123,867
Less:
Net asset optimization expense	—		—		(254)		—		(254)
Net gain (loss) on non-trading derivative instruments	12,652		(124)		—		—		12,528
Current period settlements on non-trading derivatives	12,115		649		—		—		12,764
Retail Gross Margin	$	53,143	$	5,039	$	—	$	—	$	58,182
Total Assets at December 31, 2019	$	2,524,884	$	820,601	$	341,411	$	(3,263,928)	$	422,968
Goodwill at December 31, 2019	$	117,813	$	2,530	$	—	$	—	$	120,343

Nine Months Ended September 30, 2020
	Retail Electricity		Retail Natural Gas		Corporate and Other		Eliminations		Consolidated
Total revenues	$	366,981	$	69,185	$	(319)	$	—	$	435,847
Retail cost of revenues	241,712		27,834		—		—		269,546
Less:
Net asset optimization expense	—		—		(319)		—		(319)
Net (loss) gain on non-trading derivatives	(14,416)		397		—		—		(14,019)
Current period settlements on non-trading derivatives	30,544		2,609		—		—		33,153
Retail Gross Margin	$	109,141	$	38,345	$	—	$	—	$	147,486
Total Assets at September 30, 2020	$	2,821,953	$	910,665	$	322,542	$	(3,694,032)	$	361,128
Goodwill at September 30, 2020	$	117,813	$	2,530	$	—	$	—	$	120,343

Nine Months Ended September 30, 2019
	Retail Electricity		Retail Natural Gas		Corporate and Other		Eliminations		Consolidated
Total revenues	$	539,878	$	85,422	$	2,242	$	—	$	627,542
Retail cost of revenues	433,175		44,706		—		—		477,881
Less:
Net asset optimization revenues	—		—		2,242		—		2,242
Net, (loss) gain on non-trading derivatives	(42,984)		243		—		—		(42,741)
Current period settlements on non-trading derivatives	32,957		720		—		—		33,677
Retail Gross Margin	$	116,730	$	39,753	$	—	$	—	$	156,483
Total Assets at December 31, 2019	$	2,524,884	$	820,601	$	341,411	$	(3,263,928)	$	422,968
Goodwill at December 31, 2019	$	117,813	$	2,530	$	—	$	—	$	120,343