Via Renewables (VIASP) 10-Q 4 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 02, 2020
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-36559
Entity Registrant Name	Spark Energy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5453215
Entity Address, Address Line One	12140 Wickchester Ln
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	713
Local Phone Number	600-2600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001606268
Current Fiscal Year End Date	--12-31
Class A Common Stock
Class of Stock [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	SPKE
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		14,627,284
Class B Common Stock
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		20,800,000
Series A preferred stock
Class of Stock [Line Items]
Title of 12(b) Security	8.75% Series A Fixed-to-Floating RateCumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share
Trading Symbol	SPKEP
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		3,567,543

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 75,347	$ 56,664
Restricted cash	33	1,004
Accounts receivable, net of allowance for doubtful accounts of $5,156 at September 30, 2020 and $4,797 at December 31, 2019	63,810	113,635
Accounts receivable—affiliates	4,579	2,032
Inventory	1,796	2,954
Fair value of derivative assets	761	464
Customer acquisition costs, net	8,326	8,649
Customer relationships, net	12,083	13,607
Deposits	5,636	6,806
Renewable energy credit asset	15,296	24,204
Other current assets	9,090	6,109
Total current assets	196,757	236,128
Property and equipment, net	2,867	3,267
Fair value of derivative assets	75	106
Customer acquisition costs, net	885	9,845
Customer relationships, net	8,710	17,767
Deferred tax assets	26,499	29,865
Goodwill	120,343	120,343
Other assets	4,992	5,647
Total assets	361,128	422,968
Current liabilities:
Accounts payable	29,360	48,245
Accounts payable—affiliates	355	1,009
Accrued liabilities	28,682	37,941
Renewable energy credit liability	20,179	33,120
Fair value of derivative liabilities	3,405	19,943
Other current liabilities	1,308	1,697
Total current liabilities	83,289	141,955
Long-term liabilities:
Fair value of derivative liabilities	459	495
Long-term portion of Senior Credit Facility	100,000	123,000
Other long-term liabilities	51	217
Total liabilities	183,799	265,667
Commitments and Contingencies
Series A Preferred Stock, par value $0.01 per share, 20,000,000 shares authorized, 3,707,256 shares issued and 3,567,543 shares outstanding at September 30, 2020 and 3,707,256 shares issued and 3,677,318 shares outstanding at December 31, 2019	87,288	90,015
Stockholders' equity:
Additional paid-in capital	54,169	51,842
Accumulated other comprehensive loss	(40)	(40)
Retained earnings	12,284	1,074
Treasury stock, at cost, 144,594 shares at September 30, 2020 and 99,446 shares at December 31, 2019	(2,406)	(2,011)
Total stockholders' equity	64,364	51,219
Non-controlling interest in Spark HoldCo, LLC	25,677	16,067
Total equity	90,041	67,286
Total liabilities, Series A Preferred Stock and Stockholders' equity	$ 361,128	$ 422,968
Treasury stock, at cost (in shares)	144,594	99,446
Class A Common Stock
Stockholders' equity:
Common Stock	$ 148	$ 145
Class B Common Stock
Stockholders' equity:
Common Stock	$ 209	$ 209

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Allowance for doubtful accounts	$ 5,156	$ 4,797
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	3,707,256	3,707,256
Preferred stock, shares outstanding (in shares)	3,567,543	3,677,318
Treasury stock, at cost (in shares)	144,594	99,446
Class A Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	14,771,878	14,478,999
Common stock, shares outstanding (in shares)	14,627,284	14,379,553
Class B Common Stock
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	20,800,000	20,800,000
Common stock, shares outstanding (in shares)	20,800,000	20,800,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Retail revenues	$ 141,188	$ 207,341	$ 436,166	$ 625,300
Net asset optimization (expense) revenues	(558)	(254)	(319)	2,242
Total Revenues	140,630	207,087	435,847	627,542
Operating Expenses:
Retail cost of revenues	85,118	123,867	269,546	477,881
General and administrative	19,080	27,629	66,087	94,352
Depreciation and amortization	7,278	9,496	24,084	31,963
Total Operating Expenses	111,476	160,992	359,717	604,196
Operating income	29,154	46,095	76,130	23,346
Other (expense)/income:
Interest expense	(1,487)	(2,174)	(4,233)	(6,392)
Interest and other income	80	322	293	1,005
Total other expenses	(1,407)	(1,852)	(3,940)	(5,387)
Income before income tax expense	27,747	44,243	72,190	17,959
Income tax expense	5,141	6,567	12,739	3,022
Net income	22,606	37,676	59,451	14,937
Less: Net income attributable to non-controlling interests	12,993	22,142	34,200	5,736
Net income attributable to Spark Energy, Inc. stockholders	9,613	15,534	25,251	9,201
Less: Dividends on Series A Preferred Stock	1,951	2,026	5,490	6,080
Net income attributable to stockholders of Class A common stock	7,662	13,508	19,761	3,121
Other comprehensive income, net of tax:
Currency translation loss	0	(45)	0	(143)
Other comprehensive loss	0	(45)	0	(143)
Comprehensive income	22,606	37,631	59,451	14,794
Less: Comprehensive income attributable to non-controlling interests	12,993	22,116	34,200	5,652
Comprehensive income attributable to Spark Energy, Inc. stockholders	$ 9,613	$ 15,515	$ 25,251	$ 9,142
Net income attributable to Spark Energy, Inc. per share of Class A common stock
Basic (in dollars per share)	$ 520	$ 0.94	$ 1,360	$ 0.22
Diluted (in dollars per share)	$ 520	$ 0.93	$ 1,350	$ 0.22
Weighted average shares of Class A common stock outstanding
Basic (in shares)	14,653	14,380	14,531	14,254
Diluted (in shares)	14,671	14,514	14,655	14,429

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Cumulative effect adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Total Stockholders' Equity	Total Stockholders' EquityCumulative effect adjustment	Total Stockholders' EquityCumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock	Treasury StockCumulative Effect, Period of Adoption, Adjusted Balance	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings (Deficit)	Retained Earnings (Deficit)Cumulative effect adjustment	Retained Earnings (Deficit)Cumulative Effect, Period of Adoption, Adjusted Balance	Non-controlling Interest	Non-controlling InterestCumulative Effect, Period of Adoption, Adjusted Balance	Class A Common Stock	Class A Common StockCommon Stock	Class A Common StockCommon StockCumulative Effect, Period of Adoption, Adjusted Balance	Class B Common Stock	Class B Common StockCommon Stock	Class B Common StockCommon StockCumulative Effect, Period of Adoption, Adjusted Balance
Balance at beginning of period (in shares) at Dec. 31, 2018							99,000												14,178,000			20,800,000
Balance at beginning of period at Dec. 31, 2018	$ 90,294			$ 45,806			$ (2,011)		$ 2		$ 46,157		$ 1,307			$ 44,488			$ 142			$ 209
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	3,888			3,888							3,888
Restricted stock unit vesting (in shares)																			301,000
Restricted stock unit vesting	(1,104)			(1,104)							(1,107)								$ 3
Consolidated net income	14,937			9,201									9,201			5,736
Impact of adoption of ASC 606	(143)			(59)					(59)							(84)
Gain on settlement of TRA, net of tax	12,179			12,179							12,179
Distributions paid to non-controlling unit holders	(28,108)															(28,108)
Dividends paid to Class A common stockholders (in dollars per share)	(7,776)			(7,776)							(5,170)		(2,606)
Dividends paid to Preferred Stockholders	(6,082)			(6,082)							(2,029)		(4,053)
Changes in ownership interest				(223)							(223)					223
Proceeds from disgorgement of stockholder short-swing profits	55			55							55
Acquisition of Customers from Affiliate	(10)															(10)
Balance at end of period (in shares) at Sep. 30, 2019							99,000												14,479,000			20,800,000
Balance at end of period at Sep. 30, 2019	78,130			55,885			$ (2,011)		(57)		53,750		3,849			22,245			$ 145			$ 209
Balance at beginning of period (in shares) at Jun. 30, 2019							99,000												14,479,000			20,800,000
Balance at beginning of period at Jun. 30, 2019	51,705			33,581			$ (2,011)		(38)		42,329		(7,053)			18,124			$ 145			$ 209
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	1,377			1,377							1,377
Consolidated net income	37,676			15,534									15,534			22,142
Impact of adoption of ASC 606	(45)			(19)					(19)							(26)
Gain on settlement of TRA, net of tax	12,179			12,179							12,179
Distributions paid to non-controlling unit holders	(20,130)															(20,130)
Dividends paid to Class A common stockholders (in dollars per share)	(2,606)			(2,606)									(2,606)
Dividends paid to Preferred Stockholders	(2,026)			(2,026)									(2,026)
Changes in ownership interest				(2,135)							(2,135)					2,135
Balance at end of period (in shares) at Sep. 30, 2019							99,000												14,479,000			20,800,000
Balance at end of period at Sep. 30, 2019	78,130			55,885			$ (2,011)		(57)		53,750		3,849			22,245			$ 145			$ 209
Balance at beginning of period (in shares) at Dec. 31, 2019							99,000												14,479,000			20,800,000
Balance at beginning of period at Dec. 31, 2019	67,286	$ (633)	$ 66,653	51,219	$ (633)	$ 50,586	$ (2,011)	$ (2,011)	(40)	$ (40)	51,842	$ 51,842	1,074	$ (633)	$ 441	16,067	$ 16,067		$ 145	$ 145		$ 209	$ 209
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	2,061			2,061							2,061
Restricted stock unit vesting (in shares)																			293,000
Restricted stock unit vesting	(912)			(912)							(915)								$ 3
Consolidated net income	59,451			25,251									25,251			34,200
Impact of adoption of ASC 606	0
Distributions paid to non-controlling unit holders	(23,409)															(23,409)					$ (11,300)
Dividends paid to Class A common stockholders (in dollars per share)	(7,917)			(7,917)									(7,917)
Dividends paid to Preferred Stockholders	(5,491)			(5,491)									(5,491)
Treasury shares (in shares)							(45,000)											(45,148)
Treasury Shares	(395)			(395)			$ (395)											$ (400)
Changes in ownership interest	0			1,181							1,181					(1,181)
Balance at end of period (in shares) at Sep. 30, 2020							144,000												14,772,000			20,800,000
Balance at end of period at Sep. 30, 2020	90,041			64,364			$ (2,406)		(40)		54,169		12,284			25,677			$ 148			$ 209
Balance at beginning of period (in shares) at Jun. 30, 2020							99,000												14,772,000			20,800,000
Balance at beginning of period at Jun. 30, 2020	81,819			58,990			$ (2,011)		(40)		53,409		7,275			22,829			$ 148			$ 209
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	289			289							289
Restricted stock unit vesting	0			0
Consolidated net income	22,606			9,613									9,613			12,993
Impact of adoption of ASC 606	0
Distributions paid to non-controlling unit holders	(9,674)															(9,674)
Dividends paid to Class A common stockholders (in dollars per share)	(2,652)			(2,652)									(2,652)
Dividends paid to Preferred Stockholders	(1,952)			(1,952)									(1,952)
Treasury shares (in shares)							(45,000)											(45,148)
Treasury Shares	(395)			(395)			$ (395)											$ (400)
Changes in ownership interest	0			471							471					(471)
Balance at end of period (in shares) at Sep. 30, 2020							144,000												14,772,000			20,800,000
Balance at end of period at Sep. 30, 2020	$ 90,041			$ 64,364			$ (2,406)		$ (40)		$ 54,169		$ 12,284			$ 25,677			$ 148			$ 209

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Accounting Standards Update [Extensible List]					us-gaap:AccountingStandardsUpdate201613Member
Class A Common Stock
Dividends paid to Class A common stockholders (in dollars per share)	$ 0.18125	$ 0.18125	$ 0.54375	$ 0.54375

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 59,451	$ 14,937
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization expense	24,084	31,965
Deferred income taxes	3,366	34
Stock based compensation	2,134	4,053
Amortization of deferred financing costs	966	1,002
Bad debt expense	4,613	9,185
Loss on derivatives, net	14,015	42,690
Current period cash settlements on derivatives, net	(32,682)	(32,593)
Other	0	(608)
Changes in assets and liabilities:
Decrease in accounts receivable	44,579	40,008
(Increase) decrease in accounts receivable—affiliates	(2,546)	1,139
Decrease in inventory	1,158	298
Increase in customer acquisition costs	(1,763)	(13,608)
Decrease in prepaid and other current assets	6,268	9,211
Increase in other assets	(316)	(394)
Decrease in accounts payable and accrued liabilities	(39,997)	(27,721)
Decrease in accounts payable—affiliates	(655)	(2,114)
Increase (decrease) in other current liabilities	1,439	(374)
Decrease in other non-current liabilities	(166)	(25)
Net cash provided by operating activities	83,948	77,085
Cash flows from investing activities:
Purchases of property and equipment	(1,219)	(577)
Acquisition of Customers from Affiliate	0	(5,913)
Net cash used in investing activities	(1,219)	(6,490)
Cash flows from financing activities:
Buyback of Series A Preferred Stock	(2,282)	(111)
Borrowings on notes payable	420,000	224,500
Payments on notes payable	(443,000)	(245,000)
Net borrowings on subordinated debt facility	0	504
Payments on the Verde promissory note	0	(2,036)
Proceeds from disgorgement of stockholders short-swing profits	0	55
Purchase of Treasury Stock	(395)	0
Restricted stock vesting	(1,107)	(1,348)
Payment for acquired customers	(972)	0
Payment of Tax Receivable Agreement liability	0	(11,239)
Payment of dividends to Class A common stockholders	(7,917)	(7,776)
Payment of distributions to non-controlling unitholders	(23,409)	(28,108)
Payment of Preferred Stock dividends	(5,935)	(6,082)
Payment to affiliates for acquisition of customer book	0	(10)
Net cash used in financing activities	(65,017)	(76,651)
Increase (decrease) in Cash, cash equivalents and Restricted cash	17,712	(6,056)
Cash, cash equivalents and Restricted cash—beginning of period	57,668	49,638
Cash, cash equivalents and Restricted cash—end of period	75,380	43,582
Non-cash items:
Property and equipment purchase accrual	5	89
Holdback for Verde Note—Indemnified Matters	0	4,900
Write-off of tax benefit related to tax receivable agreement liability—affiliates	0	4,157
Gain on settlement of tax receivable agreement liability—affiliates	0	(16,336)
Cash paid during the period for:
Interest	3,198	5,245
Taxes	$ 13,074	$ 5,097

Formation and Organization

Formation and Organization	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Formation and Organization	1. Formation and Organization Organization We are an independent retail energy services company that provides residential and commercial customers in competitive markets across the United States with an alternative choice for natural gas and electricity. Spark Energy, Inc. (the "Company") is a holding company whose sole material asset consists of units in Spark HoldCo, LLC (“Spark HoldCo”). The Company is the sole managing member of Spark HoldCo, is responsible for all operational, management and administrative decisions relating to Spark HoldCo’s business and consolidates the financial results of Spark HoldCo and its subsidiaries. Spark HoldCo is the direct and indirect owner of the subsidiaries through which we operate. We conduct our business through several brands across our service areas, including Electricity Maine, Electricity N.H., Major Energy, Provider Power Massachusetts, Respond Power, Spark Energy, and Verde Energy.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC") as it applies to interim financial statements. This information should be read along with our consolidated financial statements and notes contained in our annual report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”). Our unaudited condensed consolidated financial statements are presented on a consolidated basis and include all wholly-owned and controlled subsidiaries. We account for investments over which we have significant influence but not a controlling financial interest using the equity method of accounting. All significant intercompany transactions and balances have been eliminated in the unaudited condensed consolidated financial statements. In the opinion of the Company's management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary to fairly present the financial position, the results of operations, the changes in equity and the cash flows of the Company for the respective periods. Such adjustments are of a normal recurring nature, unless otherwise disclosed. Use of Estimates and Assumptions The preparation of our condensed consolidated financial statements requires estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim financial statements and the reported amounts of revenues and expenses during the period. Actual results could materially differ from those estimates. Restricted Cash As part of the acquisition of residential customer equivalents (“RCEs") from Starion Energy, Inc., Starion NY Inc. and Starion Energy PA Inc. (collectively "Starion") in 2018, we funded an escrow account, the balance of which is reflected as restricted cash in our consolidated balance sheet. As of September 30, 2020 and December 31, 2019, the balance in the escrow account related to the Starion acquisition was less than $0.1 million and $1.0 million, respectively. Approximately $1.0 million was released to the seller in July 2020 related to holdback amounts for acquired customers, subject to the terms of the asset purchase agreement. As of September 30, 2020, the balance remaining in escrow represents the amounts pending settlement between the Company and the seller. Relationship with our Founder and Majority Shareholder W. Keith Maxwell, III (our "Founder") is the owner of a majority of the voting power of our common stock through his ownership of NuDevco Retail, LLC ("NuDevco Retail") and Retailco, LLC ("Retailco"). Retailco is a wholly owned subsidiary of TxEx Energy Investments, LLC ("TxEx"), which is wholly owned by Mr. Maxwell. NuDevco Retail is a wholly owned subsidiary of NuDevco Retail Holdings LLC ("NuDevco Retail Holdings"), which is a wholly owned subsidiary of Electric HoldCo, LLC, which is also a wholly owned subsidiary of TxEx. On November 2, 2020, the Board of Directors (the "Board") of the Company appointed W. Keith Maxwell III as Chief Executive Officer. New Accounting Standards Recently Adopted There have been no changes to our significant accounting policies as disclosed in our 2019 Form 10-K, except as follows: In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 requires entities to use a current expected credit loss ("CECL") model, which is a new impairment model based on expected losses rather than incurred losses on financial assets, including trade accounts receivables. The model requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We adopted ASU 2016-13 Standards Being Evaluated/Standards Not Yet Adopted Below are accounting standards that have been issued by the FASB but have not yet been adopted by the Company at September 30, 2020. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). These amendments simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. For public business entities, the amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We do not expect adoption of the new standard to have a material impact to our consolidated statement of operations. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. We do not expect adoption of the new standard to have a material impact to our consolidated statement of operations.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenues	3. Revenues Our revenues are derived primarily from the sale of natural gas and electricity to customers, including affiliates. Revenue is measured based upon the quantity of gas or power delivered at prices contained or referenced in the customer's contract, and excludes any sales incentives (e.g. rebates) and amounts collected on behalf of third parties (e.g. sales tax). Our revenues also include asset optimization activities. Asset optimization activities consist primarily of purchases and sales of gas that meet the definition of trading activities per FASB ASC Topic 815, Derivatives and Hedging. They are therefore excluded from the scope of FASB ASC Topic 606, Revenue from Contracts with Customers. Revenues for electricity and natural gas sales are recognized under the accrual method when our performance obligation to a customer is satisfied, which is the point in time when the product is delivered and control of the product passes to the customer. Electricity and natural gas products may be sold as fixed-price or variable-price products. The typical length of a contract to provide electricity and/or natural gas is twelve months. Customers are billed and typically pay at least monthly, based on usage. Electricity and natural gas sales that have been delivered but not billed by period end are estimated and recorded as accrued unbilled revenues based on estimates of customer usage since the date of the last meter read provided by the utility. Volume estimates are based on forecasted volumes and estimated residential and commercial customer usage. Unbilled revenues are calculated by multiplying these volume estimates by the applicable rate by customer class (residential or commercial). Estimated amounts are adjusted when actual usage is known and billed. The following table discloses revenue by primary geographical market, customer type, and customer credit risk profile (in thousands). The table also includes a reconciliation of the disaggregated revenue to revenue by reportable segment (in thousands). Reportable Segments Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Retail Electricity Retail Natural Gas Total Reportable Segments Retail Electricity Retail Natural Gas Total Reportable Segments Primary markets (a) New England $ 46,464 $ 1,361 $ 47,825 $ 76,995 $ 1,631 $ 78,626 Mid-Atlantic 46,878 2,243 49,121 69,763 2,940 72,703 Midwest 16,933 1,540 18,473 23,310 2,146 25,456 Southwest 22,683 3,086 25,769 26,942 3,614 30,556 $ 132,958 $ 8,230 $ 141,188 $ 197,010 $ 10,331 $ 207,341 Customer type Commercial $ 34,180 $ 2,705 $ 36,885 $ 69,081 $ 3,378 $ 72,459 Residential 103,092 5,082 108,174 134,763 6,696 141,459 Unbilled revenue (b) (4,314) 443 (3,871) (6,834) 257 (6,577) $ 132,958 $ 8,230 $ 141,188 $ 197,010 $ 10,331 $ 207,341 Customer credit risk POR $ 87,439 $ 3,010 $ 90,449 $ 136,683 $ 4,037 $ 140,720 Non-POR 45,519 5,220 50,739 60,327 6,294 66,621 $ 132,958 $ 8,230 $ 141,188 $ 197,010 $ 10,331 $ 207,341 Reportable Segments Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Retail Electricity Retail Natural Gas Total Reportable Segments Retail Electricity Retail Natural Gas Total Reportable Segments Primary markets (a) New England $ 133,218 $ 11,144 $ 144,362 $ 221,134 $ 13,311 $ 234,445 Mid-Atlantic 131,463 23,976 155,439 191,077 29,643 220,720 Midwest 46,428 19,338 65,766 62,890 27,371 90,261 Southwest 55,872 14,727 70,599 64,777 15,097 79,874 $ 366,981 $ 69,185 $ 436,166 $ 539,878 $ 85,422 $ 625,300 Customer type Commercial $ 103,603 $ 25,512 $ 129,115 $ 196,015 $ 32,079 $ 228,094 Residential 275,229 53,410 328,639 356,950 64,307 421,257 Unbilled revenue (b) (11,851) (9,737) (21,588) (13,087) (10,964) (24,051) $ 366,981 $ 69,185 $ 436,166 $ 539,878 $ 85,422 $ 625,300 Customer credit risk POR $ 246,046 $ 34,423 $ 280,469 $ 375,890 $ 45,260 $ 421,150 Non-POR 120,935 34,762 155,697 163,988 40,162 204,150 $ 366,981 $ 69,185 $ 436,166 $ 539,878 $ 85,422 $ 625,300 (a) The primary markets include the following states: • New England - Connecticut, Maine, Massachusetts, New Hampshire; • Mid-Atlantic - Delaware, Maryland (including the District of Colombia), New Jersey, New York and Pennsylvania; • Midwest - Illinois, Indiana, Michigan and Ohio; and • Southwest - Arizona, California, Colorado, Florida, Nevada, and Texas. (b) Unbilled revenue is recorded in total until it is actualized, at which time it is categorized between commercial and residential customers. We record gross receipts taxes on a gross basis in retail revenues and retail cost of revenues. During the three months ended September 30, 2020 and 2019, our retail revenues included gross receipts taxes of $0.3 million and $0.4 million, respectively, and our retail cost of revenues included gross receipts taxes of $1.6 million and $2.2 million, respectively. During the nine months ended September 30, 2020 and 2019, our retail revenues included gross receipts taxes of $1.0 million and $1.1 million, respectively, and our retail cost of revenues included gross receipts taxes of $4.7 million and $6.7 million, respectively. Accounts receivables and Allowance for Credit Losses As discussed in Note 2, “Basis of Presentation”, we adopted the new accounting standards for measuring credit losses effective January 1, 2020. The Company conducts business in many utility service markets where the local regulated utility purchases our receivables, and then becomes responsible for billing the customer and collecting payment from the customer (“POR programs”). These POR programs result in substantially all of the Company’s credit risk being linked to the applicable utility, which generally has an investment-grade rating, and not to the end-use customer. The Company monitors the financial condition of each utility and currently believes its receivables are collectible. In markets that do not offer POR programs or when the Company chooses to directly bill its customers, certain receivables are billed and collected by the Company. The Company bears the credit risk on these accounts and records an appropriate allowance for doubtful accounts to reflect any losses due to non-payment by customers. The Company’s customers are individually insignificant and geographically dispersed in these markets. The Company writes off customer balances when it believes that amounts are no longer collectible and when it has exhausted all means to collect these receivables. For trade accounts receivables, the Company accrues an allowance for doubtful accounts by business segment by pooling customer accounts receivables based on similar risk characteristics, such as customer type, geography, aging analysis, payment terms, and related macro-economic factors. Expected credit loss exposure is evaluated for each of our accounts receivables pools. Expected credits losses are established using a model that considers historical collections experience, current information, and reasonable and supportable forecasts. The Company writes off accounts receivable balances against the allowance for doubtful accounts when the accounts receivable is deemed to be uncollectible. A rollforward of our allowance for credit losses for the nine months ended September 30, 2020 are presented in the table below (in thousands): Balance 12/31/19 $ (4,797) Impact of adoption of ASC 326 (633) Current period bad debt provision (3,151) Write-offs 4,006 Recovery of previous write offs (581) Balance 9/30/20 $ (5,156)

Equity

Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Equity	4. Equity Non-controlling Interest We hold an economic interest and are the sole managing member in Spark HoldCo, with affiliates of our Founder, majority shareholder and Chief Executive Officer holding the remaining economic interests in Spark HoldCo. As a result, we consolidate the financial position and results of operations of Spark HoldCo, and reflect the economic interests owned by these affiliates as a non-controlling interest. The Company and affiliates owned the following economic interests in Spark HoldCo at September 30, 2020 and December 31, 2019, respectively. The Company Affiliated Owners September 30, 2020 41.53 % 58.47 % December 31, 2019 41.04 % 58.96 % 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income allocated to non-controlling interest $ 14,909 $ 25,003 $ 38,717 $ 7,108 Income tax expense allocated to non-controlling interest 1,916 2,861 4,517 1,372 Net income attributable to non-controlling interest $ 12,993 $ 22,142 $ 34,200 $ 5,736 Class A Common Stock and Class B Common Stock Holders of the Company's Class A common stock and Class B common stock vote together as a single class on all matters presented to our stockholders for their vote or approval, except as otherwise required by applicable law or by our certificate of incorporation. Dividends declared for the Company's Class A common stock are reported as a reduction of retained earnings, or a reduction of additional paid in capital to the extent retained earnings are exhausted. During the nine months ended September 30, 2020, we paid $7.9 million in dividends to the holders of the Company's Class A common stock. This dividend represented a quarterly rate of $0.18125 per share on each share of Class A common stock. In order to pay our stated dividends to holders of our Class A common stock, our subsidiary, Spark HoldCo is required to make corresponding distributions to holders of its units, including those holders that own our Class B common stock (our non-controlling interest holder). As a result, during the nine months ended September 30, 2020, Spark HoldCo made corresponding distributions of $11.3 million to our non-controlling interest holders. Share Repurchase Program On August 18, 2020, our Board of Directors authorized a share repurchase program of up to $20.0 million of Class A common stock through August 18, 2021. We are funding the program through available cash balances, our Senior Credit Facility and operating cash flows. The shares of Class A common stock may be repurchased from time to time in the open market at prevailing market prices or in privately negotiated transactions based on ongoing assessments of capital needs, the market price of the stock, and other factors, including general market conditions. The repurchase program does not obligate us to acquire any particular amount of Class A common stock, may be modified or suspended at any time, and could be terminated prior to completion. During the three and nine months ended September 30, 2020, we repurchased 45,148 shares of our Class A common stock at a weighted average price of $8.75 per share, for a total cost of $0.4 million. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income attributable to stockholders (the numerator) by the weighted-average number of Class A common shares outstanding for the period (the denominator). Class B common shares are not included in the calculation of basic earnings per share because they are not participating securities and have no economic interests. Diluted earnings per share is similarly calculated except that the denominator is increased by potentially dilutive securities. The following table presents the computation of basic and diluted income (loss) per share for the three and nine months ended September 30, 2020 and 2019 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income attributable to Spark Energy, Inc. stockholders $ 9,613 $ 15,534 $ 25,251 $ 9,201 Less: Dividends on Series A preferred stock 1,951 2,026 5,490 6,080 Net income attributable to stockholders of Class A common stock $ 7,662 $ 13,508 $ 19,761 $ 3,121 Basic weighted average Class A common shares outstanding 14,653 14,380 14,531 14,254 Basic income per share attributable to stockholders $ 0.52 $ 0.94 $ 1.36 $ 0.22 Net income attributable to stockholders of Class A common stock $ 7,662 $ 13,508 $ 19,761 $ 3,121 Effect of conversion of Class B common stock to shares of Class A common stock — — — — Diluted net income attributable to stockholders of Class A common stock $ 7,662 $ 13,508 $ 19,761 $ 3,121 Basic weighted average Class A common shares outstanding 14,653 14,380 14,531 14,254 Effect of dilutive Class B common stock — — — — Effect of dilutive restricted stock units 18 134 124 175 Diluted weighted average shares outstanding 14,671 14,514 14,655 14,429 Diluted income per share attributable to stockholders $ 0.52 $ 0.93 $ 1.35 $ 0.22 The computation of diluted earnings per share for the three and nine months ended September 30, 2020 excludes 20.8 million shares of Class B common stock because the effect of their conversion was antidilutive. The Company's outstanding shares of Series A Preferred Stock were not included in the calculation of diluted earnings per share because they contain only contingent redemption provisions that have not occurred. Variable Interest Entity Spark HoldCo is a variable interest entity due to its lack of rights to participate in significant financial and operating decisions and its inability to dissolve or otherwise remove its management. Spark HoldCo owns all of the outstanding membership interests in each of our operating subsidiaries. We are the sole managing member of Spark HoldCo, manage Spark HoldCo's operating subsidiaries through this managing membership interest, and are considered the primary beneficiary of Spark HoldCo. The assets of Spark HoldCo cannot be used to settle our obligations except through distributions to us, and the liabilities of Spark HoldCo cannot be settled by us except through contributions to Spark HoldCo. 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, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Assets Current assets: Cash and cash equivalents $ 75,248 $ 56,598 Accounts receivable 63,810 113,635 Other current assets 53,881 64,476 Total current assets 192,939 234,709 Non-current assets: Goodwill 120,343 120,343 Other assets 19,390 37,826 Total non-current assets 139,733 158,169 Total Assets $ 332,672 $ 392,878 Liabilities Current liabilities: Accounts payable and accrued liabilities $ 58,004 $ 86,097 Other current liabilities 43,015 65,863 Total current liabilities 101,019 151,960 Long-term liabilities: Long-term portion of Senior Credit Facility 100,000 123,000 Other long-term liabilities 511 712 Total long-term liabilities 100,511 123,712 Total Liabilities $ 201,530 $ 275,672

Preferred Stock

Preferred Stock	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Preferred Stock	5. Preferred Stock In May 2019, we commenced a share repurchase program (the "Repurchase Program") of our Series A Preferred Stock. The Repurchase Program allowed us to purchase our Series A Preferred Stock through May 20, 2020, and there was no dollar limit on the amount of Series A Preferred Stock that may be repurchased, nor did the Repurchase Program obligate the Company to make any repurchases. In November 2019, we amended and extended our Repurchase Program of our Series A Preferred Stock. The Repurchase Program allows us to purchase Series A Preferred Stock through December 31, 2020, at prevailing prices, in open market or negotiated transactions, subject to market conditions, maximum share prices and other considerations. The Repurchase Program does not obligate us to make any repurchases and may be suspended at any time. In May 2020, we initiated a tender offer to purchase up to 1,000,000 shares of our Series A Preferred Stock. In June 2020, we accepted for purchase 36,827 shares of the Series A Preferred Stock at a purchase price of $22.00 per share, for an aggregate purchase price of approximately $0.8 million. During the three months ended September 30, 2020, there were no repurchases of Series A Preferred Stock. During the nine months ended September 30, 2020, we repurchased 109,775 shares of Series A Preferred Stock at a weighted-average price of $20.79 per share (including shares purchased through the tender offer described above), for a total cost of approximately $2.3 million. Holders of the Series A Preferred Stock have no voting rights, except in specific circumstances of delisting or in the case the dividends are in arrears as specified in the Series A Preferred Stock Certificate of Designations. The Series A Preferred Stock accrue dividends at an annual percentage rate of 8.75%, and the liquidation preference provisions of the Series A Preferred Stock are considered contingent redemption provisions because there are rights granted to the holders of the Series A Preferred Stock that are not solely within our control upon a change in control of the Company. Accordingly, the Series A Preferred Stock is presented between liabilities and the equity sections in the accompanying condensed consolidated balance sheet. During the three and nine months ended September 30, 2020, we paid $2.0 million and $6.0 million in dividends to holders of the Series A Preferred Stock. As of September 30, 2020, we had accrued $1.9 million related to dividends to holders of the Series A Preferred Stock. This dividend was paid on October 15, 2020. A summary of our preferred equity balance for the nine months ended September 30, 2020 is as follows: (in thousands) Balance at December 31, 2019 $ 90,015 Accumulated dividends on Series A Preferred Stock (60) Repurchase of Series A Preferred Stock (2,667) Balance at September 30, 2020 $ 87,288

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	6. Derivative Instruments We are exposed to the impact of market fluctuations in the price of electricity and natural gas, basis differences in the price of natural gas, storage charges, renewable energy credits ("RECs"), and capacity charges from independent system operators. We use derivative instruments in an effort to manage our cash flow exposure to these risks. These instruments are not designated as hedges for accounting purposes, and, accordingly, changes in the market value of these derivative instruments are recorded in the cost of revenues. As part of our strategy to optimize pricing in our natural gas related activities, we also manage a portfolio of commodity derivative instruments held for trading purposes. Our commodity trading activities are subject to limits within our Risk Management Policy. For these derivative instruments, changes in the fair value are recognized currently in earnings in net asset optimization revenues. Derivative assets and liabilities are presented net in our condensed consolidated balance sheets when the derivative instruments are executed with the same counterparty under a master netting arrangement. Our derivative contracts include transactions that are executed both on an exchange and centrally cleared, as well as over-the-counter, bilateral contracts that are transacted directly with third parties. To the extent we have paid or received collateral related to the derivative assets or liabilities, such amounts would be presented net against the related derivative asset or liability’s fair value. As of September 30, 2020 we had received $0.2 million and paid less than $0.1 million in collateral. As of December 31, 2019 we had paid $1.7 million in collateral. The specific types of derivative instruments we may execute to manage the commodity price risk include the following: • Forward contracts, which commit us to purchase or sell energy commodities in the future; • Futures contracts, which are exchange-traded standardized commitments to purchase or sell a commodity or financial instrument; • Swap agreements, which require payments to or from counterparties based upon the differential between two prices for a predetermined notional quantity; and • Option contracts, which convey to the option holder the right but not the obligation to purchase or sell a commodity. The Company has entered into other energy-related contracts that do not meet the definition of a derivative instrument or for which we made a normal purchase, normal sale election and are therefore not accounted for at fair value including the following: • Forward electricity and natural gas purchase contracts for retail customer load; • Renewable energy credits; and • Natural gas transportation contracts and storage agreements. Volumes Underlying Derivative Transactions The following table summarizes the net notional volumes of our open derivative financial instruments accounted for at fair value by commodity. Positive amounts represent net buys while bracketed amounts are net sell transactions (in thousands): Non-trading Commodity Notional September 30, 2020 December 31, 2019 Natural Gas MMBtu 2,484 6,130 Natural Gas Basis MMBtu — 42 Electricity MWh 2,391 6,015 Trading Commodity Notional September 30, 2020 December 31, 2019 Natural Gas MMBtu 134 204 Gains (Losses) on Derivative Instruments Gains (losses) on derivative instruments, net and current period settlements on derivative instruments were as follows for the periods indicated (in thousands): Three Months Ended September 30, 2020 2019 Gain on non-trading derivatives, net $ 2,550 $ 12,528 Loss on trading derivatives, net (99) (221) Gain on derivatives, net 2,451 12,307 Current period settlements on non-trading derivatives $ 6,489 $ 12,764 Current period settlements on trading derivatives (64) (43) Total current period settlements on derivatives $ 6,425 $ 12,721 Nine Months Ended September 30, 2020 2019 Loss on non-trading derivatives, net $ (14,019) $ (42,741) Gain on trading derivatives, net 4 51 Loss on derivatives, net (14,015) (42,690) Current period settlements on non-trading derivatives (1) $ 33,153 $ 33,677 Current period settlements on trading derivatives (156) (162) Total current period settlements on derivatives $ 32,997 $ 33,515 ( 1) Excludes settlements of $(0.3) million and $(0.9) million, respectively, for the nine months ended September 30, 2020 and 2019 related to power call options. Gains (losses) on trading derivative instruments are recorded in net asset optimization revenues and gains (losses) on non-trading derivative instruments are recorded in retail cost of revenues on the condensed consolidated statements of operations. Fair Value of Derivative Instruments The following tables summarize the fair value and offsetting amounts of our derivative instruments by counterparty and collateral received or paid (in thousands): September 30, 2020 Description Gross Assets Gross Net Assets Cash Net Amount Non-trading commodity derivatives $ 3,747 $ (2,859) $ 888 $ (182) $ 706 Trading commodity derivatives 87 (32) 55 — 55 Total Current Derivative Assets 3,834 (2,891) 943 (182) 761 Non-trading commodity derivatives 255 (180) 75 — 75 Trading commodity derivatives — — — — — Total Non-current Derivative Assets 255 (180) 75 — 75 Total Derivative Assets $ 4,089 $ (3,071) $ 1,018 $ (182) $ 836 September 30, 2020 Description Gross Gross Net Cash Net Amount Non-trading commodity derivatives $ (8,598) $ 5,204 $ (3,394) $ 21 $ (3,373) Trading commodity derivatives (32) — (32) — (32) Total Current Derivative Liabilities (8,630) 5,204 (3,426) 21 (3,405) Non-trading commodity derivatives (501) 42 (459) — (459) Trading commodity derivatives — — — — — Total Non-current Derivative Liabilities (501) 42 (459) — (459) Total Derivative Liabilities $ (9,131) $ 5,246 $ (3,885) $ 21 $ (3,864) December 31, 2019 Description Gross Assets Gross Net Assets Cash Net Amount Non-trading commodity derivatives $ 570 $ (275) $ 295 $ — $ 295 Trading commodity derivatives 170 (1) 169 — 169 Total Current Derivative Assets 740 (276) 464 — 464 Non-trading commodity derivatives 333 (227) 106 — 106 Trading commodity derivatives — — — — — Total Non-current Derivative Assets 333 (227) 106 — 106 Total Derivative Assets $ 1,073 $ (503) $ 570 $ — $ 570 December 31, 2019 Description Gross Gross Net Cash Net Amount Non-trading commodity derivatives $ (34,434) $ 12,859 $ (21,575) $ 1,632 $ (19,943) Trading commodity derivatives (194) 194 — — — Total Current Derivative Liabilities (34,628) 13,053 (21,575) 1,632 (19,943) Non-trading commodity derivatives (1,951) 1,422 (529) 34 (495) Trading commodity derivatives — — — — — Total Non-current Derivative Liabilities (1,951) 1,422 (529) 34 (495) Total Derivative Liabilities $ (36,579) $ 14,475 $ (22,104) $ 1,666 $ (20,438)

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment	7. Property and Equipment Property and equipment consist of the following (in thousands): Estimated useful September 30, 2020 December 31, 2019 Information technology 2 – 5 $ 23,229 $ 22,005 Furniture and fixtures 2 – 5 1,802 1,802 Total 25,031 23,807 Accumulated depreciation (22,164) (20,540) Property and equipment—net $ 2,867 $ 3,267 Information technology assets include software and consultant time used in the application, development and implementation of various systems including customer billing and resource management systems. As of each of September 30, 2020 and December 31, 2019, information technology includes $0.5 million and $0.6 million, respectively, of costs associated with assets not yet placed into service. Depreciation expense recorded in the condensed consolidated statements of operations was $0.4 million and $0.6 million, respectively, for the three months ended September 30, 2020 and 2019 and $1.6 million and $1.8 million for the nine months ended September 30, 2020 and 2019, respectively.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	8. Intangible Assets Goodwill, customer relationships and trademarks consist of the following amounts (in thousands): September 30, 2020 December 31, 2019 Goodwill $ 120,343 $ 120,343 Customer relationships—Acquired Cost $ 64,083 $ 64,083 Accumulated amortization (47,300) (40,231) Customer relationships — Acquired $ 16,783 $ 23,852 Customer relationships—Other Cost $ 17,056 $ 17,056 Accumulated amortization (13,046) (9,534) Customer relationships — Other, net $ 4,010 $ 7,522 Trademarks Cost $ 7,570 $ 8,502 Accumulated amortization (2,694) (2,794) Trademarks, net $ 4,876 $ 5,708 Changes in goodwill, customer relationships (including non-compete agreements) and trademarks consisted of the following (in thousands): Goodwill Customer Relationships — Acquired Customer Relationships — Other Trademarks Balance at December 31, 2019 $ 120,343 $ 23,852 $ 7,522 $ 5,708 Additions — — — — Amortization — (7,069) (3,512) (832) Balance at September 30, 2020 $ 120,343 $ 16,783 $ 4,010 $ 4,876 Estimated future amortization expense for customer relationships and trademarks at September 30, 2020 is as follows (in thousands): Year ending December 31, 2020 (remaining three months) $ 3,304 2021 13,142 2022 6,194 2023 605 2024 404 > 5 years 2,020 Total $ 25,669

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	9. Debt Debt consists of the following amounts as of September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Long-term debt: Senior Credit Facility (1) (2) $ 100,000 $ 123,000 Total long-term debt 100,000 123,000 Total debt $ 100,000 $ 123,000 (1) As of September 30, 2020 and December 31, 2019, the weighted average interest rate on the Senior Credit Facility was 3.75% and 4.71%, respectively. (2) As of September 30, 2020 and December 31, 2019, we had $31.8 million and $37.4 million in letters of credit issued, respectively. Capitalized financing costs associated with our Senior Credit Facility were $1.8 million and $1.3 million as of September 30, 2020 and December 31, 2019, respectively. Of these amounts, $1.0 million and $0.9 million are recorded in other current assets, and $0.8 million and $0.4 million are recorded in other non-current assets in the condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019, respectively. Interest expense consists of the following components for the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Senior Credit Facility $ 477 $ 1,120 $ 1,904 $ 3,741 Verde promissory note — — — 230 Letters of credit fees and commitment fees 244 395 1,073 1,253 Amortization of deferred financing costs 476 497 966 1,002 Other 290 162 290 166 Interest Expense $ 1,487 $ 2,174 $ 4,233 $ 6,392 Senior Credit Facility The Company, as guarantor, and Spark HoldCo (the “Borrower” and, together with each subsidiary of Spark HoldCo (“Co-Borrowers”)) maintain a senior secured borrowing base credit facility (as amended from time to time, “Senior Credit Facility”) that allows us to borrow on a revolving basis and has a maximum borrowing capacity of $187.5 million as of September 30, 2020. Subject to applicable sub-limits and terms of the Senior Credit Facility, borrowings are available for the issuance of letters of credit (“Letters of Credit”), working capital and general purpose revolving credit loans (“Working Capital Loans”), and share buyback loans (“Share Buyback Loans”) for the purpose of funding the repurchase of Class A common stock and Series A Preferred Stock. Pursuant to the Senior Credit Facility, the Company is entitled to Share Buyback Loans of up to $80.0 million, which permit the Company to repurchase up to an aggregate of 8,000,000 shares of our Class A common stock or $80.0 million of Series A Preferred Stock under Share Buyback Loans (subject to the terms and conditions thereof). The Senior Credit Facility will mature on July 31, 2022 , and all amounts outstanding thereunder will be payable on the maturity date. Borrowings under the Senior Credit Facility may be used to pay fees and expenses in connection with the Senior Credit Facility, finance ongoing working capital requirements and general corporate purpose requirements of the Co-Borrowers, to provide partial funding for acquisitions, as allowed under terms of the Senior Credit Facility, and to make open market purchases of our Class A common stock and Series A Preferred Stock. Pursuant to the Senior Credit Facility, the interest rate for Working Capital Loans and Letters of Credit under the Senior Credit Facility is generally determined by reference to the Eurodollar rate plus an applicable margin of up to 3.25% per annum (based on the prevailing utilization) or an alternate base rate plus an applicable margin of up to 2.25% per annum (based on the prevailing utilization). The alternate base rate is equal to the highest of (i) the prime rate (as published in the Wall Street Journal), (ii) the federal funds rate plus 0.50% per annum, or (iii) the reference Eurodollar rate plus 1.00%. Borrowings under the Senior Credit Facility for Share Buyback Loans, are generally determined by reference to the Eurodollar rate plus an applicable margin of 4.50% per annum or the alternate base rate plus an applicable margin of 3.50% per annum. The Co-Borrowers pay a commitment fee of 0.50% quarterly in arrears on the unused portion of the Senior Credit Facility. In addition, the Co-Borrowers are subject to additional fees including an upfront fee, an annual agency fee, and letter of credit fees based on a percentage of the face amount of letters of credit payable to any syndicate member that issues a letter of credit. The Senior Credit Facility contains covenants that, among other things, require the maintenance of specified ratios or conditions including: • Minimum Fixed Charge Coverage Ratio . We must maintain a minimum fixed charge coverage ratio of not less than 1.25 to 1.00. The Minimum Fixed Charge Coverage Ratio is defined as the ratio of (a) Adjusted EBITDA to (b) the sum of consolidated (with respect to the Company and the Co-Borrowers) interest expense, letter of credit fees, commitment fees, acquisition earn-out payments (excluding earnout payments funded with proceeds from newly issued preferred or common equity), distributions, scheduled amortization payments, and payments made on or after the closing of the Fourth Amendment to the Senior Credit Facility (other than such payments made from escrow accounts which were funded in connection with a permitted acquisition) related to the settlement of civil and regulatory matters if not included in the calculation of Adjusted EBITDA. • Maximum Total Leverage Ratio . We must maintain a ratio of (x) the sum of total indebtedness (excluding eligible subordinated debt and letter of credit obligations), plus (y) gross amounts reserved for civil and regulatory liabilities identified in SEC filings, to Adjusted EBITDA of no more than 2.50 to 1.00. • Maximum Senior Secured Leverage Ratio . We must maintain a Senior Secured Leverage Ratio of no more than 1.85 to 1.00. The Senior Secured Leverage Ratio is defined as the ratio of (a) all indebtedness of the loan parties on a consolidated basis that is secured by a lien on any property of any loan party (including the effective amount of all loans then outstanding under the Senior Credit Facility) to (b) Adjusted EBITDA. The Senior Credit Facility contains various negative covenants that limit our ability to, among other things, incur certain additional indebtedness, grant certain liens, engage in certain asset dispositions, merge or consolidate, make certain payments, distributions, investments, acquisitions or loans, materially modify certain agreements, or enter into transactions with affiliates. The Senior Credit Facility also contains affirmative covenants that are customary for credit facilities of this type. As of September 30, 2020, we were in compliance with our various covenants under the Senior Credit Facility. The Senior Credit Facility is secured by pledges of the equity of the portion of Spark HoldCo owned by us, the equity of Spark HoldCo’s subsidiaries, the Co-Borrowers’ present and future subsidiaries, and substantially all of the Co-Borrowers’ and their subsidiaries’ present and future property and assets, including accounts receivable, inventory and liquid investments, and control agreements relating to bank accounts. The Senior Credit Facility contains certain customary representations and warranties and events of default. Events of default include, among other things, payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults and cross-acceleration to certain indebtedness, certain events of bankruptcy, certain events under ERISA, material judgments in excess of $5.0 million, certain events with respect to material contracts, and actual or asserted failure of any guaranty or security document supporting the Senior Credit Facility to be in full force and effect. A default will also occur if at any time W. Keith Maxwell III ceases to, directly or indirectly, own at least 13,600,000 Class A and Class B shares on a combined basis (to be adjusted for any stock split, subdivisions or other stock reclassification or recapitalization), and a controlling percentage of the voting equity interest of the Company, and certain other changes in control. If such an event of default occurs, the lenders under the Senior Credit Facility would be entitled to take various actions, including the acceleration of amounts due under the facility and all actions permitted to be taken by a secured creditor. Subordinated Debt Facility The Company maintains an Amended and Restated Subordinated Promissory Note in the principal amount of up to $25.0 million (the “Subordinated Debt Facility”), by and among the Company, Spark HoldCo and Retailco. The Subordinated Debt Facility matures on December 31, 2021. The Subordinated Debt Facility allows us to draw advances in increments of no less than $1.0 million per advance up to the maximum principal amount of the Subordinated Debt Facility. Advances thereunder accrue interest at 5% per annum from the date of the advance. We have the right to capitalize interest payments under the Subordinated Debt Facility. The Subordinated Debt Facility is subordinated in certain respects to our Senior Credit Facility pursuant to a subordination agreement. We may pay interest and prepay principal on the Subordinated Debt Facility so long as we are in compliance with the covenants under our Senior Credit Facility, are not in default under the Senior Credit Facility and have minimum availability of $5.0 million under the borrowing base under the Senior Credit Facility. Payment of principal and interest under the Subordinated Debt Facility is accelerated upon the occurrence of certain change of control or sale transactions. As of September 30, 2020, and December 31, 2019, there were no outstanding borrowings under the Subordinated Debt Facility.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	10. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. Fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. This includes the credit standing of counterparties involved and the impact of credit enhancements. We apply fair value measurements to our commodity derivative instruments based on the following fair value hierarchy, which prioritizes the inputs to the valuation techniques used to measure fair value into three broad levels: • Level 1—Quoted prices in active markets for identical assets and liabilities. Instruments categorized in Level 1 primarily consist of financial instruments such as exchange-traded derivative instruments. • Level 2—Inputs other than quoted prices recorded in Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 primarily include non-exchange traded derivatives such as over-the-counter commodity forwards and swaps and options. • Level 3—Unobservable inputs for the asset or liability, including situations where there is little, if any, observable market activity for the asset or liability. As the fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3), the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. These levels can change over time. In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. In these cases, the lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present assets and liabilities measured and recorded at fair value in our condensed consolidated balance sheets on a recurring basis by and their level within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Total September 30, 2020 Non-trading commodity derivative assets $ 167 $ 614 $ — $ 781 Trading commodity derivative assets 36 19 — 55 Total commodity derivative assets $ 203 $ 633 $ — $ 836 Non-trading commodity derivative liabilities $ — $ (3,832) $ — $ (3,832) Trading commodity derivative liabilities — (32) — (32) Total commodity derivative liabilities $ — $ (3,864) $ — $ (3,864) Level 1 Level 2 Level 3 Total December 31, 2019 Non-trading commodity derivative assets $ — $ 401 $ — $ 401 Trading commodity derivative assets — 169 — 169 Total commodity derivative assets $ — $ 570 $ — $ 570 Non-trading commodity derivative liabilities $ (1,666) $ (18,772) $ — $ (20,438) Trading commodity derivative liabilities — — — — Total commodity derivative liabilities $ (1,666) $ (18,772) $ — $ (20,438) We had no transfers of assets or liabilities between any of the above levels during the nine months ended September 30, 2020 and the year ended December 31, 2019. Our derivative contracts include exchange-traded contracts valued utilizing readily available quoted market prices and non-exchange-traded contracts valued using market price quotations available through brokers or over-the-counter and on-line exchanges. In addition, in determining the fair value of our derivative contracts, we apply a credit risk valuation adjustment to reflect credit risk, which is calculated based on our or the counterparty’s historical credit risks. As of September 30, 2020 and December 31, 2019, the credit risk valuation adjustment was a reduction of derivative liabilities, net of $0.1 million and $0.2 million, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes Income Taxes We and our subsidiaries, CenStar and Verde Energy USA, Inc. ("Verde Corp"), are each subject to U.S. federal income tax as corporations. CenStar and Verde Corp file consolidated tax returns in jurisdictions that allow combined reporting. Spark HoldCo and its subsidiaries, with the exception of CenStar and Verde Corp, are treated as flow-through entities for U.S. federal income tax purposes and, as such, are generally not subject to U.S. federal income tax at the entity level. Rather, the tax liability with respect to their taxable income is passed through to their members or partners. Accordingly, we are subject to U.S. federal income taxation on our allocable share of Spark HoldCo’s net U.S. taxable income. In our financial statements, we report federal and state income taxes for our share of the partnership income attributable to our ownership in Spark HoldCo and for the income taxes attributable to CenStar and Verde Corp. Net income attributable to non-controlling interest includes the provision for income taxes related to CenStar and Verde Corp. We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and the tax bases of the assets and liabilities. We apply existing tax law and the tax rate that we expect to apply to taxable income in the years in which those differences are expected to be recovered or settled in calculating the deferred tax assets and liabilities. Effects of changes in tax rates on deferred tax assets and liabilities are recognized in income in the period of the tax rate enactment. A valuation allowance is recorded when it is not more likely than not that some or all of the benefit from the deferred tax asset will be realized. We periodically assess whether it is more likely than not that we will generate sufficient taxable income to realize our deferred income tax assets. In making this determination, we consider all available positive and negative evidence and make certain assumptions. We consider, among other things, our deferred tax liabilities, the overall business environment, our historical earnings and losses, current industry trends, and our outlook for future years. We believe it is more likely than not that our deferred tax assets will be utilized, and accordingly have not recorded a valuation allowance on these assets. As of September 30, 2020, we had a net deferred tax asset of $26.5 million, of which approximately $15.6 million related to the original step up in tax basis resulting from the initial purchase of Spark HoldCo units from NuDevco Retail and NuDevco Retail Holdings (predecessor to Retailco) in connection with our initial public offering. The effective U.S. federal and state income tax rate for the three months ended September 30, 2020 and 2019 was 18.5% and 14.8%, respectively. The effective U.S. federal and state income tax rate for the nine months ended September 30, 2020 and 2019 was 17.6% and 16.8%, respectively. The effective tax rate for the three and nine months ended September 30, 2020 differed from the U.S. federal statutory tax rate of 21% primarily due to state taxes and the benefit provided from Spark HoldCo operating as a limited liability company, which is treated as a partnership for federal and state income tax purposes and is not subject to federal and state income taxes. Accordingly, the portion of earnings attributable to non-controlling interest is subject to tax when reported as a component of the non-controlling interest holders' taxable income.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies From time to time, we may be involved in legal, tax, regulatory and other proceedings in the ordinary course of business. Liabilities for loss contingencies arising from claims, assessments, litigation or other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal Proceedings Below is a summary of our currently pending material legal proceedings. We are subject to lawsuits and claims arising in the ordinary course of our business. The following legal proceedings are in various stages and are subject to substantial uncertainties concerning the outcome of material factual and legal issues. Accordingly, unless otherwise specifically noted, we cannot currently predict the manner and timing of the resolutions of these legal proceedings or estimate a range of possible losses or a minimum loss that could result from an adverse verdict in a potential lawsuit. While the lawsuits and claims are asserted for amounts that may be material should an unfavorable outcome occur, management does not currently expect that any currently pending matters will have a material adverse effect on our financial position or results of operations. Consumer Lawsuits Similar to other energy service companies ( “ ESCOs ” ) operating in the industry, from time-to-time, the Company is subject to class action lawsuits in various jurisdictions where the Company sells natural gas and electricity. Variable Rate Cases In the cases referred to as Variable Rate Cases, such actions involve consumers alleging they paid higher rates than they would have if they stayed with their default utility. The facts of each case are similar; however, because they have been brought in several different jurisdictions, there is varying applicable case law, and each case is in various stages of progression, the Company agreed to mediate in two aggregated mediations to avoid duplicative defense costs in numerous jurisdictions. The Company continues to deny the allegations asserted by Plaintiffs and intends to vigorously defend these matters. The August 2020 mediation covered three matters: (1) Janet Rolland et al v. Spark Energy, LLC (D.N.J. Apr. 2017); (2) Burger v. Spark Energy Gas, LLC (N.D. Ill. Dec. 2019); and (3) Local 901 v. Spark Energy, LLC (Sup .Ct. Allen County, Indiana Aug. 2019). Given the ongoing mediation, discovery and current stage of this matters, we cannot predict the outcome of these cases at this time. The October 2020 mediation covered five matters: (1) Marshall v. Verde Energy USA, Inc . (D.N.J. Jan. 2018); (2) Mercado v. Verde Energy USA, Inc. (N.D. Ill. Mar. 2018); (3) Davis v. Verde Energy USA , Inc., et al . (D. Mass. Apr. 2019); (4) LaQua v. Verde Energy USA New York, LLC (E.D.N.Y. Jan. 2020); and (5) Abbate v. Verde Energy USA Ohio, LLC (S.D. Ohio Jun. 2020). Given the ongoing mediation, discovery and current stage of these matters, we cannot predict the outcome of these cases at this time. Advertising Case Katherine Veilleux, et. al. v. Electricity Maine LLC, Provider Power, LLC, Spark HoldCo, LLC, Kevin Dean, and Emile Clavet was a purported class action lawsuit filed on November 18, 2016 in the United States District Court of Maine, alleging that Electricity Maine, LLC (“Electricity Maine”), an entity acquired by Spark Holdco in mid-2016, enrolled customers and conducted advertising, and promotions allegedly not in compliance with law. Plaintiffs sought damages for themselves and the purported class, injunctive relief, restitution, and attorneys' fees. The parties participated in mediation in July 2019 and reached a settlement. The court granted final approval of that settlement in mid-October 2020. The claims period closed September 10, 2020 and customer claims will be processed by year end, closing this matter. Corporate Matter Lawsuits Saul Horowitz, as Sellers’ Representative for the former owners of the Major Energy Companies v. National Gas & Electric, LLC ( “ NG&E ” ) and Spark Energy, Inc., is a lawsuit filed on October 17, 2017 in the United States District Court for the Southern District of New York asserting claims of fraudulent inducement against NG&E, breach of contract against NG&E and Spark, and tortious interference with contract against Spark related to a membership interest purchase agreement, subsequent dropdown, and associated earnout agreements with the Major Energy Companies' former owners. The relief sought includes unspecified compensatory and punitive damages, prejudgment and post-judgment interest, and attorneys’ fees. This case went to trial during the first two weeks of March 2020 and all material has been submitted to the Judge for his decision. Given the trial was in Manhattan, New York, which was previously under a shelter-in-place order and is currently re-opening in phases, we are not able to predict when we receive a final decision on this matter. Spark and NG&E deny the allegations asserted by Plaintiffs and have vigorously defended this matter; however, we cannot predict the outcome or consequences of this case at this time. In addition to the matters disclosed above, the Company may from time to time be subject to legal proceedings that arise in the ordinary course of business. Although there can be no assurance in this regard, the Company does not expect any of those legal proceedings to have a material adverse effect on the Company’s results of operations, cash flows or financial condition. Regulatory Matters Many state regulators have increased scrutiny on retail energy providers, across all industry providers. We are subject to regular regulatory inquiries and preliminary investigations in the ordinary course of our business. Below is a summary of our currently pending material state regulatory matters. The following state regulatory matters are in various stages and are subject to substantial uncertainties concerning the outcome of material factual and legal issues. Accordingly, we cannot currently predict the manner and timing of the resolution of these state regulatory matters or estimate a range of possible losses or a minimum loss that could result from an adverse action. Management does not currently expect that any currently pending state regulatory matters will have a material adverse effect on our financial position or results of operations. Connecticut. The Company has been working with the Connecticut Public Utilities Regulatory Authority ("PURA") regarding compliance with requirements implemented in 2016 that customer bills include any changes to existing rates effective for the next billing cycle. The Company and other ESCOs in Connecticut have agreed to submit to a proceeding offering amnesty to ESCOs that self-report violations and offer to voluntarily remit refunds to customers. The Company has remitted for its brands operating in Connecticut its report of potential customers who would be eligible for refunds under the amnesty program and submitted its confidential settlement proposals. PURA is completing its review and audit and issuing final decisions regarding such amnesty payments. PURA has approved the Major and Verde brand settlements and refunds have been issued for Major and Verde customers. The Company is working with staff on the final approval for the Spark and Perigee brands, which we believe will be finalized by year end. The HIKO brand should be approved and a settlement completed in the first quarter of 2021. Illinois . Spark Energy, LLC received a verbal inquiry from the Illinois Commerce Commission ("ICC") and the Illinois Attorney General ("IAG") on January 1, 2020 seeking to understand an increase in complaints from Illinois consumers. The Company met with the ICC and the IAG in February 2020 and plan to discuss a compliance plan to ensure its sales are in compliance with Illinois regulations. The parties also discussed possible restitution payments to any customers impacted by sales not in compliance with Illinois regulations. The Company is currently working with both regulators on this matter. Maine. In early 2018, Staff of the Maine Public Utilities Commission (“Maine PUC”) issued letters to Electricity Maine seeking information about customer complaints principally associated with historical door-to-door (“D2D”) sales practices. In late July 2018, the Maine PUC issued an Order to Show Cause and Electricity Maine responded in mid-August 2018. The Commission scheduled a procedural conference in early 2019 that resulted in no intervenors other than participation as a party by the Maine Office of Public Advocate. At the conference, the parties agreed on a procedural schedule, including a one-day evidentiary hearing. Following post-hearing discovery, Initial and Reply Briefs were filed on August 30, 2019 and September 10, 2019, respectively. The Maine PUC hearing examiner released its report in April 2020 alleging failures of compliance related to enrollment and marketing practices by Electricity Maine. The Company has been cooperatively working with the Maine Office of Public Advocate and the staff of the Maine PUC. The Company has proposed a resolution of this matter which will be presented to the Maine PUC for approval by the end of 2020. New York. New York Attorney General. Prior to the purchase of Major Energy by the Company, in 2015, Major Energy Services, LLC and Major Energy Electric Services were contacted by the Attorney General, Bureau of Consumer Frauds & Protection for State of New York relating to their marketing practices. Major Energy has exchanged information in response to various requests from the Attorney General and recently agreed to respond to additional questions via remote proceedings in October of 2020. The parties are in settlement negotiations at this time. While investigations of this nature may be resolved in a manner that allows the retail energy supplier to continue operating in New York with stipulations, there can be no assurances that the New York Attorney General will not take more severe action. Ohio. Verde Energy USA Ohio, LLC (“Verde Ohio”) was the subject of a formal investigation by the Public Utilities Commission of Ohio (“PUCO”) initiated on April 16, 2019. The investigation asserted that Verde Ohio may have violated Ohio’s retail energy supplier regulations. Verde Ohio voluntary suspended door-to-door marketing in Ohio in furtherance of settlement negotiations with the PUCO Staff. On September 6, 2019, Verde Ohio and PUCO Staff executed and filed with PUCO a Joint Stipulation and Recommendation for PUCO’s review and approval, which sets forth agreed settlement terms, which included approximately $1.9 million in refunds to customers and a penalty of $0.7 million. The settlement was approved by PUCO on February 26, 2020, and the Joint Stipulation and Recommendation resolves all of the issues raised in the investigation. The Company has provided all refunds to customers and is waiting on final approval of its license recertifications, which is expected to be decided by year end. In addition, in September of 2019, the Ohio Attorney General (“OAG”) alleged that Verde Ohio had violated its Consumer Sales Practice Act and Do Not Call regulations. Verde Ohio is cooperating and responding to the OAG’s document requests; however, at this time, the Company cannot predict the outcome of this matter. Pennsylvania. Verde Energy USA, Inc. (“Verde”) is the subject of a formal investigation by the Pennsylvania Public Utility Commission, Bureau of Investigation and Enforcement (“PPUC”) initiated on January 30, 2020. The investigation asserts that Verde may have violated Pennsylvania retail energy supplier regulations. The Company met with the PPUC in February 2020 to discuss the matter and to work with the PPUC cooperatively. Verde reached a settlement, which includes a civil penalty of $1.0 million and a $0.1 million contribution to the PPL hardship fund. On June 30, 2020, Verde and PPUC Bureau of Investigation and Enforcement filed a Joint Petition for Approval of Settlement and Statements in Support of that Joint Petition with the Commission. Verde is currently awaiting final approval of this settlement. In addition to the matters disclosed above, in the ordinary course of business, the Company may from time to time be subject to regulators initiating informal reviews or issuing subpoenas for information as means to evaluate the Company and its subsidiaries’ compliance with applicable laws, rule, regulations and practices. Although there can be no assurance in this regard, the Company does not expect any of those regulatory reviews to have a material adverse effect on the Company’s results of operations, cash flows or financial condition. Indirect Tax Audits We are undergoing various types of indirect tax audits spanning from years 2014 to 2020 for which additional liabilities may arise. At the time of filing these condensed consolidated financial statements, these indirect tax audits are at an early stage and subject to substantial uncertainties concerning the outcome of audit findings and corresponding responses. As of September 30, 2020 and December 31, 2019, we had accrued $19.7 million and $29.2 million, respectively, related to litigation and regulatory matters and $2.0 million and $1.8 million, respectively, related to indirect tax audits. The outcome of each of these may result in additional expense.

Transactions with Affiliates

Transactions with Affiliates	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Transactions with Affiliates	13. Transactions with Affiliates Transactions with Affiliates We enter into transactions with and pay certain costs on behalf of affiliates that are commonly controlled in order to reduce risk, reduce administrative expense, create economies of scale, create strategic alliances and supply goods and services to these related parties. We also sell and purchase natural gas and electricity with affiliates and pay an affiliate to perform telemarketing activities. We present receivables and payables with the same affiliate on a net basis in the condensed consolidated balance sheets as all affiliate activity is with parties under common control. Affiliated transactions include certain services to the affiliated companies associated with employee benefits provided through our benefit plans, insurance plans, leased office space, administrative salaries, due diligence work, recurring management consulting, and accounting, tax, legal, or technology services. Amounts billed are based on the services provided, departmental usage, or headcount, which are considered reasonable by management. As such, the accompanying condensed consolidated financial statements include costs that have been incurred by us and then directly billed or allocated to affiliates, as well as costs that have been incurred by our affiliates and then directly billed or allocated to us, and are recorded net in general and administrative expense on the condensed consolidated statements of operations with a corresponding accounts receivable—affiliates or accounts payable—affiliates, respectively, recorded in the condensed consolidated balance sheets. Transactions with affiliates for sales or purchases of natural gas and electricity are recorded in retail revenues, retail cost of revenues, and net asset optimization revenues in the condensed consolidated statements of operations with a corresponding accounts receivable—affiliate or accounts payable—affiliate are recorded in the condensed consolidated balance sheets. Cost Allocations Where costs incurred on behalf of the affiliate or us cannot be determined by specific identification for direct billing, the costs are allocated to the affiliated entities or us based on estimates of percentage of departmental usage, wages or headcount. The total net amount direct billed and allocated (to)/from affiliates was $(0.5) million and $(0.5) million for the three months ended September 30, 2020 and 2019, respectively. The total net amount direct billed and allocated (to)/from affiliates was $(0.5) million and $(0.1) million for the nine months ended September 30, 2020 and 2019, respectively. General and administrative costs of $0.1 million and $0.2 million were recorded for the three and nine months ended September 30, 2020 related to telemarketing activities performed by an affiliate. Accounts Receivable and Payable — Affiliates As of September 30, 2020 and December 31, 2019, we had current accounts receivable—affiliates of $4.6 million and $2.0 million, respectively, and current accounts payable—affiliates of $0.4 million and $1.0 million, respectively. Revenues and Cost of Revenues — Affiliates Revenues recorded in net asset optimization revenues in the condensed consolidated statements of operations for the three months ended September 30, 2020 and 2019 related to affiliated sales were $0.1 million and $0.3 million, respectively. Revenues recorded in net asset optimization revenues in the condensed consolidated statements of operations for the nine months ended September 30, 2020 and 2019 related to affiliated sales were $0.8 million and $2.1 million, respectively. Cost of revenues recorded in net asset optimization revenues in the condensed consolidated statements of operations for the three months ended September 30, 2020 and 2019 related to affiliated purchases were less than $0.1 million and less than $0.1 million, respectively. Cost of revenues recorded in net asset optimization revenues in the condensed consolidated statements of operations for the nine months ended September 30, 2020 and 2019 related to affiliated purchases were $0.2 million and $0.1 million, respectively. These amounts are presented as net on the condensed consolidated statements of operations. Distributions to and Contributions from Affiliates During three months ended September 30, 2020 and 2019, Spark HoldCo made distributions to affiliates of our Founder of $3.8 million for the payments of quarterly distribution on their respective Spark HoldCo units. During the three months ended September 30, 2020 and 2019, Spark HoldCo also made distributions to these affiliates for gross-up distributions of $5.9 million and $16.8 million, respectively, in connection with distributions made between Spark HoldCo and Spark Energy, Inc. for payment of income taxes incurred by us. During each of the nine months ended September 30, 2020 and 2019, Spark HoldCo made distributions to affiliates of our Founder of $11.3 million and $11.3 million, for payments of quarterly distributions on their respective Spark HoldCo units. During the nine months ended September 30, 2020 and 2019, Spark HoldCo also made distributions to these affiliates for gross-up distributions of $12.1 million and $16.8 million, respectively, in connection with distributions made between Spark HoldCo and Spark Energy, Inc. for payment of income taxes incurred by us. Subordinated Debt Facility In June 2019, we and Spark HoldCo entered into a Subordinated Debt Facility with an affiliate owned by our Founder, which allows the Company to borrow up to $25.0 million. The Subordinated Debt Facility allows us to draw advances in increments of no less than $1.0 million per advance up to the maximum principal amount of the Subordinated Debt Facility. Advances thereunder accrue interest at 5% per annum from the date of the advance. As of September 30, 2020 and December 31, 2019, there was zero in outstanding borrowings under the Subordinated Debt Facility. See Note 9 "Debt" for a further description of terms and conditions of the Subordinated Debt Facility. Tax Receivable Agreement

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	14. Segment Reporting Our determination of reportable business segments considers the strategic operating units under which we make financial decisions, allocate resources and assess performance of our business. Our reportable business segments are retail electricity and retail natural gas. The retail electricity segment consists of electricity sales and transmission to residential and commercial customers. The retail natural gas segment consists of natural gas sales to, and natural gas transportation and distribution for, residential and commercial customers. Corporate and other consists of expenses and assets of the retail electricity and natural gas segments that are managed at a consolidated level such as general and administrative expenses. Asset optimization activities are also included in Corporate and other. For the three months ended September 30, 2020 and 2019, we recorded asset optimization revenues of $6.2 million and $14.6 million and asset optimization cost of revenues of $6.8 million and $14.9 million, respectively, and for the nine months ended September 30, 2020 and 2019, we recorded asset optimization revenues of $16.5 million and $50.7 million and asset optimization cost of revenues of $16.8 million and $48.5 million, respectively, which are presented on a net basis in asset optimization revenues. We use retail gross margin to assess the performance of our operating segments. Retail gross margin is defined as operating (loss) income plus (i) depreciation and amortization expenses and (ii) general and administrative expenses, less (i) net asset optimization (expenses) revenues, (ii) net (losses) gains on non-trading derivative instruments, and (iii) net current period cash settlements on non-trading derivative instruments. We deduct net (losses) gains on non-trading derivative instruments, excluding current period cash settlements, from the retail gross margin calculation in order to remove the non-cash impact of net gains and losses on these derivative instruments. Retail gross margin should not be considered an alternative to, or more meaningful than, operating income, as determined in accordance with GAAP. 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 are as follows (in thousands): Three Months Ended September 30, 2020 Retail Retail Corporate 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 Retail Corporate 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 Retail Corporate 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 Retail Corporate 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

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events Declaration of Dividends On October 19, 2020, we declared a quarterly dividend of $0.18125 per share to holders of record of our Class A common stock on December 1, 2020, which will be paid on December 15, 2020. On October 19, 2020, we also declared a quarterly cash dividend in the amount of $0.546875 per share to holders of record of the Series A Preferred Stock on January 1, 2021. The dividend will be paid on January 15, 2021. Senior Credit Facility Expansion On October 30, 2020, a new lender was added to the Senior Credit Facility, bringing total commitments under the Senior Credit Facility to $202.5 million.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC") as it applies to interim financial statements. This information should be read along with our consolidated financial statements and notes contained in our annual report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”). Our unaudited condensed consolidated financial statements are presented on a consolidated basis and include all wholly-owned and controlled subsidiaries. We account for investments over which we have significant influence but not a controlling financial interest using the equity method of accounting. All significant intercompany transactions and balances have been eliminated in the unaudited condensed consolidated financial statements.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of our condensed consolidated financial statements requires estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim financial statements and the reported amounts of revenues and expenses during the period. Actual results could materially differ from those estimates.
Restricted Cash	Restricted CashAs part of the acquisition of residential customer equivalents (“RCEs") from Starion Energy, Inc., Starion NY Inc. and Starion Energy PA Inc. (collectively "Starion") in 2018, we funded an escrow account, the balance of which is reflected as restricted cash in our consolidated balance sheet. As of September 30, 2020 and December 31, 2019, the balance in the escrow account related to the Starion acquisition was less than $0.1 million and $1.0 million, respectively.
New Accounting Standards Recently Adopted and Standards Being Evaluated/Standards Not Yet Adopted	New Accounting Standards Recently Adopted There have been no changes to our significant accounting policies as disclosed in our 2019 Form 10-K, except as follows: In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). ASU 2016-13 requires entities to use a current expected credit loss ("CECL") model, which is a new impairment model based on expected losses rather than incurred losses on financial assets, including trade accounts receivables. The model requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We adopted ASU 2016-13 Standards Being Evaluated/Standards Not Yet Adopted Below are accounting standards that have been issued by the FASB but have not yet been adopted by the Company at September 30, 2020. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes ("ASU 2019-12"). These amendments simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. For public business entities, the amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. We do not expect adoption of the new standard to have a material impact to our consolidated statement of operations. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments are effective for all entities as of March 12, 2020 through December 31, 2022. We do not expect adoption of the new standard to have a material impact to our consolidated statement of operations.
Derivative Instruments	Derivative assets and liabilities are presented net in our condensed consolidated balance sheets when the derivative instruments are executed with the same counterparty under a master netting arrangement. Our derivative contracts include transactions that are executed both on an exchange and centrally cleared, as well as over-the-counter, bilateral contracts that are transacted directly with third parties. To the extent we have paid or received collateral related to the derivative assets or liabilities, such amounts would be presented net against the related derivative asset or liability’s fair value.
Fair Value Measurements	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. Fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. This includes the credit standing of counterparties involved and the impact of credit enhancements. We apply fair value measurements to our commodity derivative instruments based on the following fair value hierarchy, which prioritizes the inputs to the valuation techniques used to measure fair value into three broad levels: • Level 1—Quoted prices in active markets for identical assets and liabilities. Instruments categorized in Level 1 primarily consist of financial instruments such as exchange-traded derivative instruments. • Level 2—Inputs other than quoted prices recorded in Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 primarily include non-exchange traded derivatives such as over-the-counter commodity forwards and swaps and options. • Level 3—Unobservable inputs for the asset or liability, including situations where there is little, if any, observable market activity for the asset or liability. As the fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3), the Company maximizes the use of observable inputs and minimizes the use

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregated Revenue	The following table discloses revenue by primary geographical market, customer type, and customer credit risk profile (in thousands). The table also includes a reconciliation of the disaggregated revenue to revenue by reportable segment (in thousands). Reportable Segments Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Retail Electricity Retail Natural Gas Total Reportable Segments Retail Electricity Retail Natural Gas Total Reportable Segments Primary markets (a) New England $ 46,464 $ 1,361 $ 47,825 $ 76,995 $ 1,631 $ 78,626 Mid-Atlantic 46,878 2,243 49,121 69,763 2,940 72,703 Midwest 16,933 1,540 18,473 23,310 2,146 25,456 Southwest 22,683 3,086 25,769 26,942 3,614 30,556 $ 132,958 $ 8,230 $ 141,188 $ 197,010 $ 10,331 $ 207,341 Customer type Commercial $ 34,180 $ 2,705 $ 36,885 $ 69,081 $ 3,378 $ 72,459 Residential 103,092 5,082 108,174 134,763 6,696 141,459 Unbilled revenue (b) (4,314) 443 (3,871) (6,834) 257 (6,577) $ 132,958 $ 8,230 $ 141,188 $ 197,010 $ 10,331 $ 207,341 Customer credit risk POR $ 87,439 $ 3,010 $ 90,449 $ 136,683 $ 4,037 $ 140,720 Non-POR 45,519 5,220 50,739 60,327 6,294 66,621 $ 132,958 $ 8,230 $ 141,188 $ 197,010 $ 10,331 $ 207,341 Reportable Segments Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Retail Electricity Retail Natural Gas Total Reportable Segments Retail Electricity Retail Natural Gas Total Reportable Segments Primary markets (a) New England $ 133,218 $ 11,144 $ 144,362 $ 221,134 $ 13,311 $ 234,445 Mid-Atlantic 131,463 23,976 155,439 191,077 29,643 220,720 Midwest 46,428 19,338 65,766 62,890 27,371 90,261 Southwest 55,872 14,727 70,599 64,777 15,097 79,874 $ 366,981 $ 69,185 $ 436,166 $ 539,878 $ 85,422 $ 625,300 Customer type Commercial $ 103,603 $ 25,512 $ 129,115 $ 196,015 $ 32,079 $ 228,094 Residential 275,229 53,410 328,639 356,950 64,307 421,257 Unbilled revenue (b) (11,851) (9,737) (21,588) (13,087) (10,964) (24,051) $ 366,981 $ 69,185 $ 436,166 $ 539,878 $ 85,422 $ 625,300 Customer credit risk POR $ 246,046 $ 34,423 $ 280,469 $ 375,890 $ 45,260 $ 421,150 Non-POR 120,935 34,762 155,697 163,988 40,162 204,150 $ 366,981 $ 69,185 $ 436,166 $ 539,878 $ 85,422 $ 625,300 (a) The primary markets include the following states: • New England - Connecticut, Maine, Massachusetts, New Hampshire; • Mid-Atlantic - Delaware, Maryland (including the District of Colombia), New Jersey, New York and Pennsylvania; • Midwest - Illinois, Indiana, Michigan and Ohio; and • Southwest - Arizona, California, Colorado, Florida, Nevada, and Texas. (b) Unbilled revenue is recorded in total until it is actualized, at which time it is categorized between commercial and residential customers.
Accounts Receivable, Allowance for Credit Loss	A rollforward of our allowance for credit losses for the nine months ended September 30, 2020 are presented in the table below (in thousands): Balance 12/31/19 $ (4,797) Impact of adoption of ASC 326 (633) Current period bad debt provision (3,151) Write-offs 4,006 Recovery of previous write offs (581) Balance 9/30/20 $ (5,156)

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Economic Interests	The Company and affiliates owned the following economic interests in Spark HoldCo at September 30, 2020 and December 31, 2019, respectively. The Company Affiliated Owners September 30, 2020 41.53 % 58.47 % 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income allocated to non-controlling interest $ 14,909 $ 25,003 $ 38,717 $ 7,108 Income tax expense allocated to non-controlling interest 1,916 2,861 4,517 1,372 Net income attributable to non-controlling interest $ 12,993 $ 22,142 $ 34,200 $ 5,736
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 and nine months ended September 30, 2020 and 2019 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net income attributable to Spark Energy, Inc. stockholders $ 9,613 $ 15,534 $ 25,251 $ 9,201 Less: Dividends on Series A preferred stock 1,951 2,026 5,490 6,080 Net income attributable to stockholders of Class A common stock $ 7,662 $ 13,508 $ 19,761 $ 3,121 Basic weighted average Class A common shares outstanding 14,653 14,380 14,531 14,254 Basic income per share attributable to stockholders $ 0.52 $ 0.94 $ 1.36 $ 0.22 Net income attributable to stockholders of Class A common stock $ 7,662 $ 13,508 $ 19,761 $ 3,121 Effect of conversion of Class B common stock to shares of Class A common stock — — — — Diluted net income attributable to stockholders of Class A common stock $ 7,662 $ 13,508 $ 19,761 $ 3,121 Basic weighted average Class A common shares outstanding 14,653 14,380 14,531 14,254 Effect of dilutive Class B common stock — — — — Effect of dilutive restricted stock units 18 134 124 175 Diluted weighted average shares outstanding 14,671 14,514 14,655 14,429 Diluted income per share attributable to stockholders $ 0.52 $ 0.93 $ 1.35 $ 0.22
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, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Assets Current assets: Cash and cash equivalents $ 75,248 $ 56,598 Accounts receivable 63,810 113,635 Other current assets 53,881 64,476 Total current assets 192,939 234,709 Non-current assets: Goodwill 120,343 120,343 Other assets 19,390 37,826 Total non-current assets 139,733 158,169 Total Assets $ 332,672 $ 392,878 Liabilities Current liabilities: Accounts payable and accrued liabilities $ 58,004 $ 86,097 Other current liabilities 43,015 65,863 Total current liabilities 101,019 151,960 Long-term liabilities: Long-term portion of Senior Credit Facility 100,000 123,000 Other long-term liabilities 511 712 Total long-term liabilities 100,511 123,712 Total Liabilities $ 201,530 $ 275,672

Preferred Stock (Tables)

Preferred Stock (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Summary of Preferred Equity Balance	A summary of our preferred equity balance for the nine months ended September 30, 2020 is as follows: (in thousands) Balance at December 31, 2019 $ 90,015 Accumulated dividends on Series A Preferred Stock (60) Repurchase of Series A Preferred Stock (2,667) Balance at September 30, 2020 $ 87,288

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts	The following table summarizes the net notional volumes of our open derivative financial instruments accounted for at fair value by commodity. Positive amounts represent net buys while bracketed amounts are net sell transactions (in thousands): Non-trading Commodity Notional September 30, 2020 December 31, 2019 Natural Gas MMBtu 2,484 6,130 Natural Gas Basis MMBtu — 42 Electricity MWh 2,391 6,015 Trading Commodity Notional September 30, 2020 December 31, 2019 Natural Gas MMBtu 134 204
(Losses) Gains on Derivative Instruments	Gains (losses) on derivative instruments, net and current period settlements on derivative instruments were as follows for the periods indicated (in thousands): Three Months Ended September 30, 2020 2019 Gain on non-trading derivatives, net $ 2,550 $ 12,528 Loss on trading derivatives, net (99) (221) Gain on derivatives, net 2,451 12,307 Current period settlements on non-trading derivatives $ 6,489 $ 12,764 Current period settlements on trading derivatives (64) (43) Total current period settlements on derivatives $ 6,425 $ 12,721 Nine Months Ended September 30, 2020 2019 Loss on non-trading derivatives, net $ (14,019) $ (42,741) Gain on trading derivatives, net 4 51 Loss on derivatives, net (14,015) (42,690) Current period settlements on non-trading derivatives (1) $ 33,153 $ 33,677 Current period settlements on trading derivatives (156) (162) Total current period settlements on derivatives $ 32,997 $ 33,515 ( 1) Excludes settlements of $(0.3) million and $(0.9) million, respectively, for the nine months ended September 30, 2020 and 2019 related to power call options.
Offsetting Assets	September 30, 2020 Description Gross Assets Gross Net Assets Cash Net Amount Non-trading commodity derivatives $ 3,747 $ (2,859) $ 888 $ (182) $ 706 Trading commodity derivatives 87 (32) 55 — 55 Total Current Derivative Assets 3,834 (2,891) 943 (182) 761 Non-trading commodity derivatives 255 (180) 75 — 75 Trading commodity derivatives — — — — — Total Non-current Derivative Assets 255 (180) 75 — 75 Total Derivative Assets $ 4,089 $ (3,071) $ 1,018 $ (182) $ 836 December 31, 2019 Description Gross Assets Gross Net Assets Cash Net Amount Non-trading commodity derivatives $ 570 $ (275) $ 295 $ — $ 295 Trading commodity derivatives 170 (1) 169 — 169 Total Current Derivative Assets 740 (276) 464 — 464 Non-trading commodity derivatives 333 (227) 106 — 106 Trading commodity derivatives — — — — — Total Non-current Derivative Assets 333 (227) 106 — 106 Total Derivative Assets $ 1,073 $ (503) $ 570 $ — $ 570
Offsetting Liabilities	September 30, 2020 Description Gross Gross Net Cash Net Amount Non-trading commodity derivatives $ (8,598) $ 5,204 $ (3,394) $ 21 $ (3,373) Trading commodity derivatives (32) — (32) — (32) Total Current Derivative Liabilities (8,630) 5,204 (3,426) 21 (3,405) Non-trading commodity derivatives (501) 42 (459) — (459) Trading commodity derivatives — — — — — Total Non-current Derivative Liabilities (501) 42 (459) — (459) Total Derivative Liabilities $ (9,131) $ 5,246 $ (3,885) $ 21 $ (3,864) December 31, 2019 Description Gross Gross Net Cash Net Amount Non-trading commodity derivatives $ (34,434) $ 12,859 $ (21,575) $ 1,632 $ (19,943) Trading commodity derivatives (194) 194 — — — Total Current Derivative Liabilities (34,628) 13,053 (21,575) 1,632 (19,943) Non-trading commodity derivatives (1,951) 1,422 (529) 34 (495) Trading commodity derivatives — — — — — Total Non-current Derivative Liabilities (1,951) 1,422 (529) 34 (495) Total Derivative Liabilities $ (36,579) $ 14,475 $ (22,104) $ 1,666 $ (20,438)

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following (in thousands): Estimated useful September 30, 2020 December 31, 2019 Information technology 2 – 5 $ 23,229 $ 22,005 Furniture and fixtures 2 – 5 1,802 1,802 Total 25,031 23,807 Accumulated depreciation (22,164) (20,540) Property and equipment—net $ 2,867 $ 3,267

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Customer Relationships and Trademarks	Goodwill, customer relationships and trademarks consist of the following amounts (in thousands): September 30, 2020 December 31, 2019 Goodwill $ 120,343 $ 120,343 Customer relationships—Acquired Cost $ 64,083 $ 64,083 Accumulated amortization (47,300) (40,231) Customer relationships — Acquired $ 16,783 $ 23,852 Customer relationships—Other Cost $ 17,056 $ 17,056 Accumulated amortization (13,046) (9,534) Customer relationships — Other, net $ 4,010 $ 7,522 Trademarks Cost $ 7,570 $ 8,502 Accumulated amortization (2,694) (2,794) Trademarks, net $ 4,876 $ 5,708 Changes in goodwill, customer relationships (including non-compete agreements) and trademarks consisted of the following (in thousands): Goodwill Customer Relationships — Acquired Customer Relationships — Other Trademarks Balance at December 31, 2019 $ 120,343 $ 23,852 $ 7,522 $ 5,708 Additions — — — — Amortization — (7,069) (3,512) (832) Balance at September 30, 2020 $ 120,343 $ 16,783 $ 4,010 $ 4,876
Estimated Future Amortization Expense for Customer Relationships and Trademarks	Estimated future amortization expense for customer relationships and trademarks at September 30, 2020 is as follows (in thousands): Year ending December 31, 2020 (remaining three months) $ 3,304 2021 13,142 2022 6,194 2023 605 2024 404 > 5 years 2,020 Total $ 25,669

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	Debt consists of the following amounts as of September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Long-term debt: Senior Credit Facility (1) (2) $ 100,000 $ 123,000 Total long-term debt 100,000 123,000 Total debt $ 100,000 $ 123,000 (1) As of September 30, 2020 and December 31, 2019, the weighted average interest rate on the Senior Credit Facility was 3.75% and 4.71%, respectively. (2) As of September 30, 2020 and December 31, 2019, we had $31.8 million and $37.4 million in letters of credit issued, respectively.
Components of Interest Expense	Interest expense consists of the following components for the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Senior Credit Facility $ 477 $ 1,120 $ 1,904 $ 3,741 Verde promissory note — — — 230 Letters of credit fees and commitment fees 244 395 1,073 1,253 Amortization of deferred financing costs 476 497 966 1,002 Other 290 162 290 166 Interest Expense $ 1,487 $ 2,174 $ 4,233 $ 6,392

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present assets and liabilities measured and recorded at fair value in our condensed consolidated balance sheets on a recurring basis by and their level within the fair value hierarchy (in thousands): Level 1 Level 2 Level 3 Total September 30, 2020 Non-trading commodity derivative assets $ 167 $ 614 $ — $ 781 Trading commodity derivative assets 36 19 — 55 Total commodity derivative assets $ 203 $ 633 $ — $ 836 Non-trading commodity derivative liabilities $ — $ (3,832) $ — $ (3,832) Trading commodity derivative liabilities — (32) — (32) Total commodity derivative liabilities $ — $ (3,864) $ — $ (3,864) Level 1 Level 2 Level 3 Total December 31, 2019 Non-trading commodity derivative assets $ — $ 401 $ — $ 401 Trading commodity derivative assets — 169 — 169 Total commodity derivative assets $ — $ 570 $ — $ 570 Non-trading commodity derivative liabilities $ (1,666) $ (18,772) $ — $ (20,438) Trading commodity derivative liabilities — — — — Total commodity derivative liabilities $ (1,666) $ (18,772) $ — $ (20,438)

Segment Reporting (Tables)

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 Retail Corporate 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 Retail Corporate 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 Retail Corporate 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 Retail Corporate 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

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020	Jan. 01, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Retained earnings	$ 1,074	$ 12,284
Starion Acquisition
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash	$ 1,000	$ 100
Cumulative effect adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings			$ 600

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Retail revenues	$ 141,188	$ 207,341	$ 436,166	$ 625,300
POR
Disaggregation of Revenue [Line Items]
Retail revenues	90,449	140,720	280,469	421,150
Non-POR
Disaggregation of Revenue [Line Items]
Retail revenues	50,739	66,621	155,697	204,150
Unbilled revenue
Disaggregation of Revenue [Line Items]
Retail revenues	(3,871)	(6,577)	(21,588)	(24,051)
Commercial | Billed revenue
Disaggregation of Revenue [Line Items]
Retail revenues	36,885	72,459	129,115	228,094
Residential | Billed revenue
Disaggregation of Revenue [Line Items]
Retail revenues	108,174	141,459	328,639	421,257
New England
Disaggregation of Revenue [Line Items]
Retail revenues	47,825	78,626	144,362	234,445
Mid-Atlantic
Disaggregation of Revenue [Line Items]
Retail revenues	49,121	72,703	155,439	220,720
Midwest
Disaggregation of Revenue [Line Items]
Retail revenues	18,473	25,456	65,766	90,261
Southwest
Disaggregation of Revenue [Line Items]
Retail revenues	25,769	30,556	70,599	79,874
Retail Electricity
Disaggregation of Revenue [Line Items]
Retail revenues	132,958	197,010	366,981	539,878
Retail Electricity | POR
Disaggregation of Revenue [Line Items]
Retail revenues	87,439	136,683	246,046	375,890
Retail Electricity | Non-POR
Disaggregation of Revenue [Line Items]
Retail revenues	45,519	60,327	120,935	163,988
Retail Electricity | Unbilled revenue
Disaggregation of Revenue [Line Items]
Retail revenues	(4,314)	(6,834)	(11,851)	(13,087)
Retail Electricity | Commercial | Billed revenue
Disaggregation of Revenue [Line Items]
Retail revenues	34,180	69,081	103,603	196,015
Retail Electricity | Residential | Billed revenue
Disaggregation of Revenue [Line Items]
Retail revenues	103,092	134,763	275,229	356,950
Retail Electricity | New England
Disaggregation of Revenue [Line Items]
Retail revenues	46,464	76,995	133,218	221,134
Retail Electricity | Mid-Atlantic
Disaggregation of Revenue [Line Items]
Retail revenues	46,878	69,763	131,463	191,077
Retail Electricity | Midwest
Disaggregation of Revenue [Line Items]
Retail revenues	16,933	23,310	46,428	62,890
Retail Electricity | Southwest
Disaggregation of Revenue [Line Items]
Retail revenues	22,683	26,942	55,872	64,777
Retail Natural Gas
Disaggregation of Revenue [Line Items]
Retail revenues	8,230	10,331	69,185	85,422
Retail Natural Gas | POR
Disaggregation of Revenue [Line Items]
Retail revenues	3,010	4,037	34,423	45,260
Retail Natural Gas | Non-POR
Disaggregation of Revenue [Line Items]
Retail revenues	5,220	6,294	34,762	40,162
Retail Natural Gas | Unbilled revenue
Disaggregation of Revenue [Line Items]
Retail revenues	443	257	(9,737)	(10,964)
Retail Natural Gas | Commercial | Billed revenue
Disaggregation of Revenue [Line Items]
Retail revenues	2,705	3,378	25,512	32,079
Retail Natural Gas | Residential | Billed revenue
Disaggregation of Revenue [Line Items]
Retail revenues	5,082	6,696	53,410	64,307
Retail Natural Gas | New England
Disaggregation of Revenue [Line Items]
Retail revenues	1,361	1,631	11,144	13,311
Retail Natural Gas | Mid-Atlantic
Disaggregation of Revenue [Line Items]
Retail revenues	2,243	2,940	23,976	29,643
Retail Natural Gas | Midwest
Disaggregation of Revenue [Line Items]
Retail revenues	1,540	2,146	19,338	27,371
Retail Natural Gas | Southwest
Disaggregation of Revenue [Line Items]
Retail revenues	$ 3,086	$ 3,614	$ 14,727	$ 15,097

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Typical length of contract			Electricity and natural gas products may be sold as fixed-price or variable-price products. The typical length of a contract to provide electricity and/or natural gas is twelve months.
Retail Revenues
Disaggregation of Revenue [Line Items]
Gross receipts taxes	$ 0.3	$ 0.4	$ 1	$ 1.1
Retail Cost of Revenues
Disaggregation of Revenue [Line Items]
Gross receipts taxes	$ 1.6	$ 2.2	$ 4.7	$ 6.7

Revenues - A Rollforward of Our

Revenues - A Rollforward of Our Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Current period bad debt provision	$ (4,613)	$ (9,185)
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member
Trade Accounts Receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(4,797)
Current period bad debt provision	(3,151)
Write-offs	4,006
Recovery of previous write offs	(581)
Ending balance	(5,156)		$ (4,797)
Trade Accounts Receivable | Cumulative effect adjustment
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ (633)
Ending balance			$ (633)

Equity - Schedule of Economic I

Equity - Schedule of Economic Interests (Details) - The Company	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Economic interest	41.53%	41.04%
Affiliated Owners
Class of Stock [Line Items]
Economic interest	58.47%	58.96%

Equity - Non-controlling Intere

Equity - Non-controlling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Net income allocated to non-controlling interest	$ 14,909	$ 25,003	$ 38,717	$ 7,108
Income tax expense allocated to non-controlling interest	1,916	2,861	4,517	1,372
Net income attributable to non-controlling interest	$ 12,993	$ 22,142	$ 34,200	$ 5,736

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Aug. 18, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Payment of dividends to Class A common stockholders			$ 7,917,000	$ 7,776,000
Distributions paid	$ 9,674,000	$ 20,130,000	23,409,000	$ 28,108,000
Total cost	$ 395,000		395,000
Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Payment of dividends to Class A common stockholders			$ 7,900,000
Dividends paid (in dollars per share)	$ 0.18125	$ 0.18125	$ 0.54375	$ 0.54375
Share repurchase program, amount authorized					$ 20,000,000
Repurchased shares (in shares)	45,148		45,148
Repurchased stock per share (in dollars per share)	$ 8.75		$ 8.75
Total cost	$ 400,000		$ 400,000
Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Distributions paid			$ 11,300,000
Shares excluded from computation of diluted earnings per share (in shares)	20,800,000		20,800,000

Equity - Basic and Diluted Inco

Equity - Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Net income attributable to Spark Energy, Inc. stockholders	$ 9,613	$ 15,534	$ 25,251	$ 9,201
Less: Dividends on Series A preferred stock	1,951	2,026	5,490	6,080
Net income attributable to stockholders of Class A common stock	$ 7,662	$ 13,508	$ 19,761	$ 3,121
Basic weighted average Class A common shares outstanding (in shares)	14,653	14,380	14,531	14,254
Basic income (loss) per share attributable to stockholders (in dollars per share)	$ 520	$ 0.94	$ 1,360	$ 0.22
Net income attributable to stockholders of Class A common stock	$ 7,662	$ 13,508	$ 19,761	$ 3,121
Effect of conversion of Class B common stock to shares of Class A common stock	0	0	0	0
Diluted net income attributable to stockholders of Class A common stock	$ 7,662	$ 13,508	$ 19,761	$ 3,121
Basic weighted average Class A common shares outstanding (in shares)	14,653	14,380	14,531	14,254
Effect of dilutive Class B common stock (in shares)	0	0	0	0
Effect of dilutive restricted stock units (in shares)	18	134	124	175
Diluted weighted average shares outstanding (in shares)	14,671	14,514	14,655	14,429
Diluted income (loss) per share attributable to stockholders (in dollars per share)	$ 520	$ 0.93	$ 1,350	$ 0.22

Equity - VIEs (Details)

Equity - VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 75,347	$ 56,664
Accounts receivable	63,810	113,635
Other current assets	9,090	6,109
Total current assets	196,757	236,128
Goodwill	120,343	120,343
Other assets	4,992	5,647
Total assets	361,128	422,968
Current liabilities:
Accounts payable and accrued liabilities	29,360	48,245
Other current liabilities	1,308	1,697
Total current liabilities	83,289	141,955
Long-term liabilities:
Long-term portion of Senior Credit Facility	100,000	123,000
Other long-term liabilities	51	217
Total liabilities	183,799	265,667
Variable Interest Entity, Primary Beneficiary
Current assets:
Cash and cash equivalents	75,248	56,598
Accounts receivable	63,810	113,635
Other current assets	53,881	64,476
Total current assets	192,939	234,709
Goodwill	120,343	120,343
Other assets	19,390	37,826
Total non-current assets	139,733	158,169
Total assets	332,672	392,878
Current liabilities:
Accounts payable and accrued liabilities	58,004	86,097
Other current liabilities	43,015	65,863
Total current liabilities	101,019	151,960
Long-term liabilities:
Long-term portion of Senior Credit Facility	100,000	123,000
Other long-term liabilities	511	712
Total long-term liabilities	100,511	123,712
Total liabilities	$ 201,530	$ 275,672

Preferred Stock - Narrative (De

Preferred Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Cost of repurchased of stock				$ 2,667
Dividends paid		$ 1,952	$ 2,026	$ 5,491	$ 6,082
Series A preferred stock
Class of Stock [Line Items]
Shares authorized to be repurchased (in shares)	1,000,000
Repurchased shares (in shares)	36,827	0		109,775
Share price (in dollars per share)	$ 22
Cost of repurchased of stock	$ 800			$ 2,300
Repurchased stock per share (in dollars per share)				$ 20.79
Preferred stock dividend accrual rate				8.75%
Dividends paid		$ 2,000		$ 6,000
Dividend accrual		$ 1,900		$ 1,900

Preferred Stock - Summary of Pr

Preferred Stock - Summary of Preferred Equity Balance (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 90,015
Accumulated dividends on Series A Preferred Stock	(60)
Repurchase of Series A Preferred Stock	(2,667)
Ending balance	$ 87,288

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Collateral received	$ 0.2
Collateral paid	$ 0.1	$ 1.7

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Notional Amounts (Details) - Buy MWh in Thousands, MMBTU in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020MMBTUMWh	Dec. 31, 2019MMBTUMWh
Non-trading | Natural Gas
Derivatives, Fair Value [Line Items]
Net notional volume (energy measure)	2,484	6,130
Non-trading | Natural Gas Basis
Derivatives, Fair Value [Line Items]
Net notional volume (energy measure)	0	42
Non-trading | Electricity
Derivatives, Fair Value [Line Items]
Net notional volume (energy measure) | MWh	2,391	6,015
Trading | Natural Gas
Derivatives, Fair Value [Line Items]
Net notional volume (energy measure)	134	204

Derivative Instruments - Gains

Derivative Instruments - Gains (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivatives, net	$ 2,451	$ 12,307	$ (14,015)	$ (42,690)
Total current period settlements on derivatives	6,425	12,721	32,997	33,515
Non-trading
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivatives, net	2,550	12,528	(14,019)	(42,741)
Total current period settlements on derivatives	6,489	12,764	33,153	33,677
Trading
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivatives, net	(99)	(221)	4	51
Total current period settlements on derivatives	$ (64)	$ (43)	(156)	(162)
Trading | Various acquisitions
Derivative Instruments, Gain (Loss) [Line Items]
Total current period settlements on derivatives			$ (300)	$ (900)

Derivative Instruments - Offset

Derivative Instruments - Offsetting Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Total Derivative Assets
Offsetting Assets [Line Items]
Gross Assets	$ 4,089	$ 1,073
Gross Amounts Offset	(3,071)	(503)
Net Assets	1,018	570
Cash Collateral Offset	(182)	0
Net Amount Presented	836	570
Total Current Derivative Assets
Offsetting Assets [Line Items]
Gross Assets	3,834	740
Gross Amounts Offset	(2,891)	(276)
Net Assets	943	464
Cash Collateral Offset	(182)	0
Net Amount Presented	761	464
Non-trading commodity derivatives
Offsetting Assets [Line Items]
Gross Assets	3,747	570
Gross Amounts Offset	(2,859)	(275)
Net Assets	888	295
Cash Collateral Offset	(182)	0
Net Amount Presented	706	295
Trading commodity derivatives
Offsetting Assets [Line Items]
Gross Assets	87	170
Gross Amounts Offset	(32)	(1)
Net Assets	55	169
Cash Collateral Offset	0	0
Net Amount Presented	55	169
Total Non-current Derivative Assets
Offsetting Assets [Line Items]
Gross Assets	255	333
Gross Amounts Offset	(180)	(227)
Net Assets	75	106
Cash Collateral Offset	0	0
Net Amount Presented	75	106
Non-trading commodity derivatives
Offsetting Assets [Line Items]
Gross Assets	255	333
Gross Amounts Offset	(180)	(227)
Net Assets	75	106
Cash Collateral Offset	0	0
Net Amount Presented	75	106
Trading commodity derivatives
Offsetting Assets [Line Items]
Gross Assets	0	0
Gross Amounts Offset	0	0
Net Assets	0	0
Cash Collateral Offset	0	0
Net Amount Presented	$ 0	$ 0

Derivative Instruments - Offs_2

Derivative Instruments - Offsetting Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Total Derivative Liabilities
Offsetting Liabilities [Line Items]
Gross  Liabilities	$ (9,131)	$ (36,579)
Gross Amounts Offset	5,246	14,475
Net Liabilities	(3,885)	(22,104)
Cash Collateral Offset	21	1,666
Net Amount Presented	(3,864)	(20,438)
Total Current Derivative Liabilities
Offsetting Liabilities [Line Items]
Gross  Liabilities	(8,630)	(34,628)
Gross Amounts Offset	5,204	13,053
Net Liabilities	(3,426)	(21,575)
Cash Collateral Offset	21	1,632
Net Amount Presented	(3,405)	(19,943)
Non-trading commodity derivatives
Offsetting Liabilities [Line Items]
Gross  Liabilities	(8,598)	(34,434)
Gross Amounts Offset	5,204	12,859
Net Liabilities	(3,394)	(21,575)
Cash Collateral Offset	21	1,632
Net Amount Presented	(3,373)	(19,943)
Trading commodity derivatives
Offsetting Liabilities [Line Items]
Gross  Liabilities	(32)	(194)
Gross Amounts Offset	0	194
Net Liabilities	(32)	0
Cash Collateral Offset	0	0
Net Amount Presented	(32)	0
Total Non-current Derivative Assets
Offsetting Liabilities [Line Items]
Gross  Liabilities	(501)	(1,951)
Gross Amounts Offset	42	1,422
Net Liabilities	(459)	(529)
Cash Collateral Offset	0	34
Net Amount Presented	(459)	(495)
Non-trading commodity derivatives
Offsetting Liabilities [Line Items]
Gross  Liabilities	(501)	(1,951)
Gross Amounts Offset	42	1,422
Net Liabilities	(459)	(529)
Cash Collateral Offset	0	34
Net Amount Presented	(459)	(495)
Trading commodity derivatives
Offsetting Liabilities [Line Items]
Gross  Liabilities	0	0
Gross Amounts Offset	0	0
Net Liabilities	0	0
Cash Collateral Offset	0	0
Net Amount Presented	$ 0	$ 0

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 25,031	$ 23,807
Accumulated depreciation	(22,164)	(20,540)
Property and equipment—net	2,867	3,267
Information technology
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 23,229	22,005
Information technology | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	2 years
Information technology | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,802	$ 1,802
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	2 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives (years)	5 years

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 0.4	$ 0.6	$ 1.6	$ 1.8
Information technology
Property, Plant and Equipment [Line Items]
Costs associated with assets not yet placed into service	$ 0.5		$ 0.5		$ 0.6

Intangible Assets - Schedule of

Intangible Assets - Schedule of Goodwill, Customer Relationships and Trademarks (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 120,343	$ 120,343
Total	25,669
Customer relationships—Acquired
Finite-Lived Intangible Assets [Line Items]
Cost	64,083	64,083
Accumulated amortization	(47,300)	(40,231)
Total	16,783	23,852
Customer relationships—Other
Finite-Lived Intangible Assets [Line Items]
Cost	17,056	17,056
Accumulated amortization	(13,046)	(9,534)
Total	4,010	7,522
Trademarks
Finite-Lived Intangible Assets [Line Items]
Cost	7,570	8,502
Accumulated amortization	(2,694)	(2,794)
Total	$ 4,876	$ 5,708

Intangible Assets - Changes in

Intangible Assets - Changes in Goodwill, Customer Relationships and Trademarks (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 120,343
Additions	0
Amortization	0
Balance at end of period	120,343
Finite-lived Intangible Assets [Roll Forward]
Balance at end of period	25,669
Customer Relationships— Acquired
Finite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	23,852
Additions	0
Amortization	(7,069)
Balance at end of period	16,783
Customer Relationships— Other
Finite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	7,522
Additions	0
Amortization	(3,512)
Balance at end of period	4,010
Trademarks
Finite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	5,708
Additions	0
Amortization	(832)
Balance at end of period	$ 4,876

Intangible Assets - Future Amor

Intangible Assets - Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2020USD ($)
Year ending December 31,
2020 (remaining three months)	$ 3,304
2021	13,142
2022	6,194
2023	605
2024	404
> 5 years	2,020
Total	$ 25,669

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt	$ 100,000	$ 123,000
Senior credit facility
Debt Instrument [Line Items]
Total debt	$ 100,000	$ 123,000
Weighted average interest rate	3.75%	4.71%
Letters of credit issued	$ 31,800	$ 37,400

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jul. 31, 2020	Sep. 30, 2020	Aug. 18, 2020	May 31, 2020	Dec. 31, 2019	Jun. 30, 2019
Debt Instrument [Line Items]
Outstanding under subordinated note		$ 100,000,000			$ 123,000,000
Class A Common Stock
Debt Instrument [Line Items]
Share repurchase program, amount authorized			$ 20,000,000
Series A preferred stock
Debt Instrument [Line Items]
Shares authorized to be repurchased (in shares)				1,000,000
Fourth amendment to senior credit facility | Share buyback loans
Debt Instrument [Line Items]
Share repurchase program, amount authorized		80,000,000
Fourth amendment to senior credit facility | Series A preferred stock | Share buyback loans
Debt Instrument [Line Items]
Share repurchase program, amount authorized		$ 80,000,000
Senior secured revolving credit facility | Common class A and common class B
Debt Instrument [Line Items]
Default share limit, minimum amount (in shares)		13,600,000
Senior credit facility
Debt Instrument [Line Items]
Outstanding under subordinated note		$ 100,000,000			123,000,000
Senior credit facility | Fourth amendment to senior credit facility | Class A Common Stock | Share buyback loans
Debt Instrument [Line Items]
Shares authorized to be repurchased (in shares)		8,000,000
Senior credit facility | Senior secured revolving credit facility
Debt Instrument [Line Items]
Maximum leverage ratio		250.00%
Maximum senior secured leverage ratio		185.00%
Debt default, material judgment (in excess of)		$ 5,000,000
Senior credit facility | Senior secured revolving credit facility | Minimum
Debt Instrument [Line Items]
Fixed charge coverage ratio		125.00%
Subordinated debt | Retailco
Debt Instrument [Line Items]
Subordinated debt						$ 25,000,000
Subordinated debt, advances, no less than		$ 1,000,000
Subordinated debt, interest rate on advances		5.00%
Minimum availability under the borrowing base		$ 5,000,000
Outstanding under subordinated note		$ 0			0
Revolving credit facility | Fourth amendment to senior credit facility | Eurodollar | Share buyback loans
Debt Instrument [Line Items]
Basis spread on variable rate		4.50%
Revolving credit facility | Fourth amendment to senior credit facility | Base rate | Share buyback loans
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%
Revolving credit facility | Senior credit facility
Debt Instrument [Line Items]
Capitalized financing costs		$ 1,800,000			1,300,000
Capitalized financing costs, other current		1,000,000			900,000
Capitalized financing costs, other non-current		800,000			$ 400,000
Line of credit facility, maximum borrowing capacity		$ 187,500,000
Nonutilization fee, percent		0.50%
Revolving credit facility | Senior credit facility | Fourth amendment to senior credit facility | Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Revolving credit facility | Senior credit facility | Fourth amendment to senior credit facility | Base rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Revolving credit facility | Senior credit facility | Fourth amendment to senior credit facility | Federal funds rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Revolving credit facility | Senior credit facility | Fourth amendment to senior credit facility | Reference eurodollar rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%

Debt - Components of Interest E

Debt - Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Line of Credit Facility [Line Items]
Amortization of deferred financing costs	$ 476	$ 497	$ 966	$ 1,002
Interest Expense	1,487	2,174	4,233	6,392
Verde promissory note
Line of Credit Facility [Line Items]
Interest incurred	0	0	0	230
Other
Line of Credit Facility [Line Items]
Interest incurred	290	162	290	166
Revolving credit facility | Senior credit facility
Line of Credit Facility [Line Items]
Interest incurred	477	1,120	1,904	3,741
Working capital facility
Line of Credit Facility [Line Items]
Letters of credit fees and commitment fees	$ 244	$ 395	$ 1,073	$ 1,253

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit risk valuation adjustment	$ 100	$ 200
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	836	570
Total commodity derivative liabilities	(3,864)	(20,438)
Recurring | Non-trading commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	781	401
Total commodity derivative liabilities	(3,832)	(20,438)
Recurring | Trading commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	55	169
Total commodity derivative liabilities	(32)	0
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	203	0
Total commodity derivative liabilities	0	(1,666)
Recurring | Level 1 | Non-trading commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	167	0
Total commodity derivative liabilities	0	(1,666)
Recurring | Level 1 | Trading commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	36	0
Total commodity derivative liabilities	0	0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	633	570
Total commodity derivative liabilities	(3,864)	(18,772)
Recurring | Level 2 | Non-trading commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	614	401
Total commodity derivative liabilities	(3,832)	(18,772)
Recurring | Level 2 | Trading commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	19	169
Total commodity derivative liabilities	(32)	0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	0	0
Total commodity derivative liabilities	0	0
Recurring | Level 3 | Non-trading commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	0	0
Total commodity derivative liabilities	0	0
Recurring | Level 3 | Trading commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	0	0
Total commodity derivative liabilities	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transaction [Line Items]
Income tax rate	18.50%	14.80%	17.60%	16.80%
U.S federal statutory tax rate			21.00%
NuDevco retail holdings and NuDevco retail
Related Party Transaction [Line Items]
Deferred tax assets	$ 26.5		$ 26.5
Net deferred tax asset	$ 15.6		$ 15.6

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 06, 2019	Sep. 30, 2020	Dec. 31, 2019
Litigation and regulatory matters
Loss Contingencies [Line Items]
Contingent liabilities		$ 19.7	$ 29.2
Indirect tax audits
Loss Contingencies [Line Items]
Contingent liabilities		2	$ 1.8
Verde Energy USA Ohio, LLC
Loss Contingencies [Line Items]
Damages sought	$ 1.9
Damages penalty	$ 0.7
Verde Energy USA, Inc.
Loss Contingencies [Line Items]
Damages penalty		1
Settlement		$ 0.1

Transactions with Affiliates (D

Transactions with Affiliates (Details) - USD ($)	Jul. 15, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
General and administrative			$ 19,080,000	$ 27,629,000	$ 66,087,000	$ 94,352,000
Current accounts receivable - affiliates			4,579,000		4,579,000		$ 2,032,000
Current accounts payable - affiliates			355,000		355,000		1,009,000
Revenues recorded in net asset optimization revenues related to affiliates			(558,000)	(254,000)	(319,000)	2,242,000
Spark HoldCo
Related Party Transaction [Line Items]
Distributions to affiliates	$ 16,300,000
Retailco and NuDevco retail
Related Party Transaction [Line Items]
Cash payment to acquire business	$ 11,200,000
Affiliated entity
Related Party Transaction [Line Items]
Revenues recorded in net asset optimization revenues related to affiliates			100,000	300,000	800,000	2,100,000
Affiliated entity | Subordinated debt facility
Related Party Transaction [Line Items]
Line of credit facility, maximum borrowing capacity		$ 25,000,000
Subordinated debt, advances		$ 1,000,000
Subordinated debt, interest rate on advances		5.00%
Outstanding under subordinated note			0		0		$ 0
Affiliated entity | Allocated overhead costs
Related Party Transaction [Line Items]
Affiliate expenses			(500,000)	(500,000)	(500,000)	(100,000)
General and administrative			100,000		200,000
Affiliated entity | Purchased natural gas from affiliate
Related Party Transaction [Line Items]
Cost of revenues recorded in net asset optimization revenues (less than)			100,000	100,000	200,000	100,000
NuDevco retail holdings and NuDevco retail
Related Party Transaction [Line Items]
Distributions to affiliates			3,800,000	3,800,000	11,300,000	11,300,000
NuDevco retail holdings and NuDevco retail | Payment of income taxes incurred by the company
Related Party Transaction [Line Items]
Distributions to affiliates			$ 5,900,000	$ 16,800,000	$ 12,100,000	$ 16,800,000

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting [Abstract]
Asset optimization revenue	$ 6.2	$ 14.6	$ 16.5	$ 50.7
Asset optimization cost of revenues	$ 6.8	$ 14.9	$ 16.8	$ 48.5

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Retail Gross Margin to Income Before Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
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	2,451	12,307	(14,015)	(42,690)
Net, Cash settlements on non-trading derivative instruments			32,682	32,593
Retail Gross Margin	47,031	58,182	147,486	156,483
Non-trading
Less:
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

Segment Reporting - Financial D

Segment Reporting - Financial Data for Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Revenues	$ 140,630	$ 207,087	$ 435,847	$ 627,542
Retail cost of revenues	85,118	123,867	269,546	477,881
Less:
Net asset optimization (expenses) revenues	(558)	(254)	(319)	2,242
Net, gain (loss) on non-trading derivative instruments	2,451	12,307	(14,015)	(42,690)
Current period settlements on non-trading derivatives	6,425	12,721	32,997	33,515
Retail Gross Margin	47,031	58,182	147,486	156,483
Total Assets	361,128		361,128		$ 422,968
Goodwill	120,343		120,343		120,343
Non-trading
Less:
Net, gain (loss) on non-trading derivative instruments	2,550	12,528	(14,019)	(42,741)
Current period settlements on non-trading derivatives	6,489	12,764	33,153	33,677
Operating segments | Retail Electricity
Segment Reporting Information [Line Items]
Total Revenues	132,958	197,010	366,981	539,878
Retail cost of revenues	82,061	119,100	241,712	433,175
Less:
Net asset optimization (expenses) revenues	0	0	0	0
Retail Gross Margin	42,762	53,143	109,141	116,730
Total Assets	2,821,953		2,821,953		2,524,884
Goodwill	117,813		117,813		117,813
Operating segments | Retail Electricity | Non-trading
Less:
Net, gain (loss) on non-trading derivative instruments	1,923	12,652	(14,416)	(42,984)
Current period settlements on non-trading derivatives	6,212	12,115	30,544	32,957
Operating segments | Retail Natural Gas
Segment Reporting Information [Line Items]
Total Revenues	8,230	10,331	69,185	85,422
Retail cost of revenues	3,057	4,767	27,834	44,706
Less:
Net asset optimization (expenses) revenues	0	0	0	0
Retail Gross Margin	4,269	5,039	38,345	39,753
Total Assets	910,665		910,665		820,601
Goodwill	2,530		2,530		2,530
Operating segments | Retail Natural Gas | Non-trading
Less:
Net, gain (loss) on non-trading derivative instruments	627	(124)	397	243
Current period settlements on non-trading derivatives	277	649	2,609	720
Corporate and Other
Segment Reporting Information [Line Items]
Total Revenues	(558)	(254)	(319)	2,242
Retail cost of revenues	0	0	0	0
Less:
Net asset optimization (expenses) revenues	(558)	(254)	(319)	2,242
Retail Gross Margin	0	0	0	0
Total Assets	322,542		322,542		341,411
Goodwill	0		0		0
Corporate and Other | Non-trading
Less:
Net, gain (loss) on non-trading derivative instruments	0	0	0	0
Current period settlements on non-trading derivatives	0	0	0	0
Eliminations
Segment Reporting Information [Line Items]
Total Revenues	0	0	0	0
Retail cost of revenues	0	0	0	0
Less:
Net asset optimization (expenses) revenues	0	0	0	0
Retail Gross Margin	0	0	0	0
Total Assets	(3,694,032)		(3,694,032)		(3,263,928)
Goodwill	0		0		$ 0
Eliminations | Non-trading
Less:
Net, gain (loss) on non-trading derivative instruments	0	0	0	0
Current period settlements on non-trading derivatives	$ 0	$ 0	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Oct. 19, 2020	Oct. 30, 2020	Sep. 30, 2020
Revolving credit facility | Senior credit facility
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity			$ 187,500,000
Subsequent event | Revolving credit facility | Senior credit facility
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity		$ 202,500,000
Class A Common Stock | Subsequent event
Subsequent Event [Line Items]
Dividends declaration per share of common stock (in dollars per share)	$ 0.18125
Series A preferred stock | Subsequent event
Subsequent Event [Line Items]
Dividends declaration per share of preferred stock (in dollars per share)	$ 0.546875