XML 35 R26.htm IDEA: XBRL DOCUMENT

Equity (Tables)

9 Months Ended

Sep. 30, 2023

The Company and affiliates owned the following economic interests in Spark HoldCo at September 30, 2023 and December 31, 2022, respectively.


	The Company		Affiliated Owners
September 30, 2023	44.92	%	55.08	%
December 31, 2022	44.45	%	55.55	%

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Net income (loss) before taxes allocated to non-controlling interest	$	8,398	$	(3,909)	$	14,021	$	23,432
Less: Income tax expense allocated to non-controlling interest	1,258		78		2,360		1,451



Net income (loss) attributable to non-controlling interests	$	7,140	$	(3,987)	$	11,661	$	21,981

Schedule of Computation of Basic and Diluted Income (Loss) Per Share

The following table presents the computation of basic and diluted income per share for the three and nine months ended September 30, 2023 and 2022 (in thousands, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income (loss) attributable to Via Renewables, Inc. stockholders	$	7,519	$	(881)	$	15,313	$	16,710
Less: Dividend on Series A Preferred Stock	2,708		2,026		7,892		5,677
Net income (loss) attributable to stockholders of Class A common stock	$	4,811	$	(2,907)	$	7,421	$	11,033

Basic weighted average Class A common shares outstanding	3,232		3,172		3,204		3,151
Basic income (loss) per share attributable to stockholders	$	1.49	$	(0.92)	$	2.32	$	3.50

Net income (loss) attributable to stockholders of Class A common stock	$	4,811	$	(2,907)	$	7,421	$	11,033
Effect of conversion of Class B common stock to shares of Class A common stock	5,803		—		9,088		—

Diluted net income (loss) attributable to stockholders of Class A common stock	$	10,614	$	(2,907)	$	16,509	$	11,033

Basic weighted average Class A common shares outstanding	3,232		3,172		3,204		3,151
Effect of dilutive Class B common stock	4,000		—		4,000		—

Effect of dilutive restricted stock units	—		—		—		22
Diluted weighted average shares outstanding	7,232		3,172		7,204		3,173

Diluted income (loss) per share attributable to stockholders	$	1.47	$	(0.92)	$	2.29	$	3.48

Schedule of 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 September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	44,539	$	33,267
Accounts receivable	50,689		81,363

Other current assets	50,812		61,162
Total current assets	146,040		175,792
Non-current assets:
Goodwill	120,343		120,343

Other assets	11,106		13,675
Total non-current assets	131,449		134,018
Total Assets	$	277,489	$	309,810

Liabilities
Current liabilities:
Accounts payable and accrued liabilities	$	32,503	$	61,367



Other current liabilities	63,369		63,673
Total current liabilities	95,872		125,040
Long-term liabilities:
Long-term portion of Senior Credit Facility	105,000		100,000
Subordinated debt — affiliate	—		20,000

Other long-term liabilities	1,451		2,733
Total long-term liabilities	106,451		122,733
Total Liabilities	$	202,323	$	247,773

- 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