Via Renewables (VIASP) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 02, 2021
Class of Stock [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-36559
Entity Registrant Name	Via Renewables, 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 Information, Former Legal or Registered Name	Spark Energy, Inc.
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	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001606268
Current Fiscal Year End Date	--12-31
Common Class A
Class of Stock [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	VIA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		15,572,388
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		20,000,000
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	VIASP
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		3,567,543

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 89,422	$ 71,684
Restricted cash	8,697	0
Accounts receivable, net of allowance for doubtful accounts of $2,529 at September 30, 2021 and $3,942 at December 31, 2020	47,644	70,350
Accounts Receivable - affiliates	3,406	5,053
Inventory	2,544	1,496
Fair value of derivative assets	44,218	311
Customer acquisition costs, net	1,200	5,764
Customer relationships, net	9,708	12,077
Deposits	5,438	5,655
Renewable energy credit asset	16,373	20,666
Other current assets	13,778	11,818
Total current assets	242,428	204,874
Property and equipment, net	4,518	3,354
Fair value of derivative assets	1,090	0
Customer acquisition costs, net	295	306
Customer relationships, net	3,505	5,691
Deferred tax assets	17,344	27,960
Goodwill	120,343	120,343
Other assets	2,959	4,139
Total assets	392,482	366,667
Current liabilities:
Accounts payable	27,422	27,322
Accounts payable—affiliates	412	826
Accrued liabilities	25,057	34,164
Renewable energy credit liability	14,901	19,549
Fair value of derivative liabilities	1,092	7,505
Other current liabilities	2,258	1,295
Total current liabilities	71,142	90,661
Long-term liabilities:
Fair value of derivative liabilities	77	227
Long-term portion of Senior Credit Facility	130,000	100,000
Subordinated debt—affiliates	10,000	0
Other long-term liabilities	231	30
Total liabilities	211,450	190,918
Commitments and contingencies (Note 12)
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, 2021 and December 31, 2020	87,288	87,288
Stockholders' equity:
Additional paid-in capital	53,551	55,222
Accumulated other comprehensive loss	(40)	(40)
Retained earnings	18,103	11,721
Treasury stock, at cost, 144,594 shares at September 30, 2021 and December 31, 2020	(2,406)	(2,406)
Total stockholders' equity	69,566	64,854
Non-controlling interest in Spark HoldCo, LLC	24,178	23,607
Total equity	93,744	88,461
Total liabilities, Series A Preferred Stock and Stockholders' equity	392,482	366,667
Common Class A
Stockholders' equity:
Common Stock	157	148
Common Class B
Stockholders' equity:
Common Stock	$ 201	$ 209

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
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	3,567,543
Treasury stock, at cost (in shares)	144,594	144,594
Trade Accounts Receivable
Allowance for doubtful accounts	$ 2,529	$ 3,942
Common Class A
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)	15,716,982	14,771,878
Common stock, shares outstanding (in shares)	15,572,388	14,627,284
Common Class B
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)	20,000,000	20,800,000
Common stock, shares outstanding (in shares)	20,000,000	20,800,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Retail revenues	$ 98,267	$ 141,188	$ 293,721	$ 436,166
Net asset optimization (expense) revenue	(288)	(558)	(542)	(319)
Total Revenues	97,979	140,630	293,179	435,847
Operating Expenses:
Retail cost of revenues	40,298	85,118	198,642	269,546
General and administrative	9,719	19,080	33,053	66,087
Depreciation and amortization	5,049	7,278	16,498	24,084
Total Operating Expenses	55,066	111,476	248,193	359,717
Operating income	42,913	29,154	44,986	76,130
Other (expense)/income:
Interest expense	(1,298)	(1,487)	(4,161)	(4,233)
Interest and other income	63	80	228	293
Total other expenses	(1,235)	(1,407)	(3,933)	(3,940)
Income before income tax expense	41,678	27,747	41,053	72,190
Income tax expense	7,021	5,141	9,160	12,739
Net income	34,657	22,606	31,893	59,451
Less: Net income attributable to non-controlling interests	19,774	12,993	14,158	34,200
Net income attributable to Via Renewables, Inc. stockholders	14,883	9,613	17,735	25,251
Less: Dividends on Series A Preferred Stock	1,951	1,951	5,853	5,490
Net income attributable to stockholders of class A common stock, diluted	12,932	7,662	11,882	19,761
Net income (loss) attributable to stockholders of class A common stock, basic	$ 12,932	$ 7,662	$ 11,882	$ 19,761
Net income attributable to Via Renewables, Inc. per share of Class A common stock
Basic [EPS Open] (in dollars per share)	$ 0.83	$ 0.52	$ 0.79	$ 1.36
Diluted (in dollars per share)	$ 0.82	$ 0.52	$ 0.79	$ 1.35
Weighted average shares of Class A common stock outstanding
Basic (in shares)	15,572	14,653	14,965	14,531
Diluted (in shares)	15,686	14,671	15,099	14,655

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative effect adjustment	Adjusted balance	Total Stockholders' Equity	Total Stockholders' EquityCumulative effect adjustment	Total Stockholders' EquityAdjusted balance	Treasury Stock	Treasury StockAdjusted balance	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive LossAdjusted balance	Additional Paid-in Capital	Additional Paid-in CapitalAdjusted balance	Retained Earnings (Deficit)	Retained Earnings (Deficit)Cumulative effect adjustment	Retained Earnings (Deficit)Adjusted balance	Non-controlling Interest	Non-controlling InterestAdjusted balance	Common Class ACommon Stock	Common Class ACommon StockAdjusted balance	Common Class BCommon Stock	Common Class BCommon StockAdjusted balance
Balance at beginning of period (in shares) at Dec. 31, 2019							99	99										14,479	14,479	20,800	20,800
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
Restricted stock unit vesting	(912)			(912)							(915)							$ 3
Consolidated net income	59,451			25,251									25,251			34,200
Distributions paid to non-controlling unit holders	(23,409)															(23,409)
Dividends paid	(7,917)			(7,917)									(7,917)
Dividends paid to Preferred Stockholders	(5,491)			(5,491)									(5,491)
Treasury shares (in shares)								(45)
Treasury Shares	(395)			(395)				$ (395)
Changes in ownership interest	0			1,181							1,181					(1,181)
Balance at end of period (in shares) at Sep. 30, 2020							144											14,772		20,800
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											14,772		20,800
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
Consolidated net income	22,606			9,613									9,613			12,993
Distributions paid to non-controlling unit holders	(9,674)															(9,674)
Dividends paid	(2,652)			(2,652)									(2,652)
Dividends paid to Preferred Stockholders	(1,952)			(1,952)									(1,952)
Treasury shares (in shares)								(45)
Treasury Shares	(395)			(395)				$ (395)
Changes in ownership interest	0			471							471					(471)
Balance at end of period (in shares) at Sep. 30, 2020							144											14,772		20,800
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 Dec. 31, 2020							144											14,772		20,800
Balance at beginning of period at Dec. 31, 2020	88,461			64,854			$ (2,406)		(40)		55,222		11,721			23,607		$ 148		$ 209
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	1,792			1,792							1,792
Restricted stock unit vesting (in shares)																		145
Restricted stock unit vesting	(587)			(587)							(588)							$ 1
Consolidated net income	31,893			17,735									17,735			14,158
Distributions paid to non-controlling unit holders	(13,811)															(13,811)
Dividends paid	(8,151)			(8,151)							(2,651)		(5,500)
Dividends paid to Preferred Stockholders	(5,853)			(5,853)									(5,853)
Exchange of shares of Class B common stock to shares of Class A common stock (In share)																		800		(800)
Exchange of shares of Class B common stock to shares of Class A common stock	0			(320)							(320)					320		$ 8		$ (8)
Changes in ownership interest	0			(544)							(544)					544
Balance at end of period (in shares) at Sep. 30, 2021							144											15,717		20,000
Balance at end of period at Sep. 30, 2021	93,744			69,566			$ (2,406)		(40)		53,551		18,103			24,178		$ 157		$ 201
Balance at beginning of period (in shares) at Jun. 30, 2021							144											14,917		20,800
Balance at beginning of period at Jun. 30, 2021	67,096			58,784			$ (2,406)		(40)		52,878		7,994			8,312		$ 149		$ 209
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	389			389							389
Consolidated net income	34,657			14,883												19,774
Distributions paid to non-controlling unit holders	(3,624)															(3,624)
Dividends paid	(2,823)			(2,823)									(2,823)
Dividends paid to Preferred Stockholders	(1,951)			(1,951)									(1,951)
Exchange of shares of Class B common stock to shares of Class A common stock (In share)																		800		(800)
Exchange of shares of Class B common stock to shares of Class A common stock	0			(320)							320					320		$ 8		$ (8)
Changes in ownership interest	0			(36)							(36)					36
Balance at end of period (in shares) at Sep. 30, 2021							144											15,717		20,000
Balance at end of period at Sep. 30, 2021	$ 93,744			$ 69,566			$ (2,406)		$ (40)		$ 53,551		$ 18,103			$ 24,178		$ 157		$ 201

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2019	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Accounting standards update [Extensible List]					Accounting Standards Update 2016-13 [Member]
Restricted stock unit vesting			$ (587)	$ (912)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 93,744	$ 90,041	93,744	90,041	$ 67,286	$ 67,096	$ 88,461	$ 81,819
Dividends paid	(2,823)	(2,652)	(8,151)	(7,917)
Dividends paid to Preferred Stockholders	(1,951)	(1,952)	(5,853)	(5,491)
Distributions paid to non-controlling unit holders	(3,624)	(9,674)	(13,811)	(23,409)
Exchange of shares of Class B common stock to shares of Class A common stock	0		0
Additional Paid-in Capital
Restricted stock unit vesting			(588)	(915)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	53,551	54,169	53,551	54,169	51,842	52,878	55,222	53,409
Dividends paid			(2,651)
Exchange of shares of Class B common stock to shares of Class A common stock	320		(320)
Total Stockholders' Equity
Restricted stock unit vesting			(587)	(912)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	69,566	64,364	69,566	64,364	51,219	58,784	64,854	58,990
Dividends paid	(2,823)	(2,652)	(8,151)	(7,917)
Dividends paid to Preferred Stockholders	(1,951)	(1,952)	(5,853)	(5,491)
Exchange of shares of Class B common stock to shares of Class A common stock	(320)		(320)
Non-controlling Interest
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	24,178	25,677	24,178	25,677	$ 16,067	$ 8,312	$ 23,607	$ 22,829
Distributions paid to non-controlling unit holders	(3,624)	$ (9,674)	(13,811)	$ (23,409)
Exchange of shares of Class B common stock to shares of Class A common stock	$ 320		$ 320
Treasury Stock
Shares, Issued	144	144	144	144	99	144	144	99
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ (2,406)	$ (2,406)	$ (2,406)	$ (2,406)	$ (2,011)	$ (2,406)	$ (2,406)	$ (2,011)
Common Class A
Dividends paid (in dollars per share)	$ 0.18125	$ 0.18125	$ 0.54375	$ 0.54375
Common Class A | Common Stock
Restricted stock unit vesting (in shares)			145	293
Shares, Issued	15,717	14,772	15,717	14,772	14,479	14,917	14,772	14,772
Restricted stock unit vesting			$ 1	$ 3
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 157	$ 148	$ 157	$ 148	$ 145	$ 149	$ 148	$ 148
Exchange of shares of Class B common stock to shares of Class A common stock (In share)	800		800
Exchange of shares of Class B common stock to shares of Class A common stock	$ 8		$ 8
Common Class B | Common Stock
Shares, Issued	20,000	20,800	20,000	20,800	20,800	20,800	20,800	20,800
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 201	$ 209	$ 201	$ 209	$ 209	$ 209	$ 209	$ 209
Exchange of shares of Class B common stock to shares of Class A common stock (In share)	(800)		(800)
Exchange of shares of Class B common stock to shares of Class A common stock	$ (8)		$ (8)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 31,893	$ 59,451
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization expense	16,498	24,084
Deferred income taxes	10,616	3,366
Stock based compensation	2,012	2,134
Amortization of deferred financing costs	792	966
Current period bad debt provision	379	4,613
(Gain) loss on derivatives, net	(57,726)	14,015
Current period cash settlements on derivatives, net	6,050	(32,682)
Changes in assets and liabilities:
Decrease in accounts receivable	22,327	44,579
Decrease (increase) in accounts receivable—affiliates	1,647	(2,546)
(Increase) decrease in inventory	(1,048)	1,158
Increase in customer acquisition costs	(765)	(1,763)
Decrease in prepaid and other current assets	1,331	6,268
Decrease in intangible assets—customer acquisition	27	0
Decrease (increase) in other assets	577	(316)
Decrease in accounts payable and accrued liabilities	(16,920)	(39,997)
Decrease in accounts payable—affiliates	(414)	(655)
Increase in other current liabilities	1,525	1,439
Decrease in other non-current liabilities	(29)	(166)
Net cash provided by operating activities	18,772	83,948
Cash flows from investing activities:
Purchases of property and equipment	(2,170)	(1,219)
Acquisition of Customers	(1,519)	0
Net cash used in investing activities	(3,689)	(1,219)
Cash flows from financing activities:
Buyback of Series A Preferred Stock	0	(2,282)
Borrowings on notes payable	575,000	420,000
Payments on notes payable	(545,000)	(443,000)
Net borrowings on subordinated debt facility	10,000	0
Purchase of Treasury Stock	0	(395)
Restricted stock vesting	(833)	(1,107)
Payment for acquired customers	0	(972)
Payment of dividends to Class A common stockholders	(8,151)	(7,917)
Payment of distributions to non-controlling unitholders	(13,811)	(23,409)
Payment of Preferred Stock dividends	(5,853)	(5,935)
Net cash provided (used) in financing activities	11,352	(65,017)
Increase in Cash, cash equivalents and Restricted cash	26,435	17,712
Cash, cash equivalents and Restricted cash—beginning of period	71,684	57,668
Cash, cash equivalents and Restricted cash—end of period	98,119	75,380
Non-cash items:
Property and equipment purchase accrual	287	5
Cash paid (received) during the period for:
Interest	3,143	3,198
Taxes	$ (5,076)	$ 13,074

Formation and Organization

Formation and Organization	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Formation and Organization	1. Formation and Organization Company's Name Change In August 2021, Spark Energy, Inc. changed its name from Spark Energy, Inc. to Via Renewables, Inc. (the "Company"). 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. 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, Spark Energy, and Verde Energy.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
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, 2020 (the “2020 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. Relationship with our Founder and Majority Shareholder W. Keith Maxwell, III (our "Founder") is the Company's Chief Executive Officer, a director, and 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. New Accounting Standards Recently Adopted There have been no changes to our significant accounting policies as disclosed in our 2020 Form 10-K, except as follows: In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted ASU 2019-12 effective January 1, 2021 and the adoption did not have a material impact on our consolidated financial statements. 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, 2021. 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 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform ("ASU 2021-01"), which clarifies the scope and application of certain optional expedients and exceptions regarding the original guidance. The amendments in these ASUs were effective upon issuance and can be applied prospectively through December 31, 2022. The Company's Senior Credit Facility is the only agreement that makes reference to a LIBOR rate and the agreement outlines the specific procedures that will be undertaken once an appropriate alternative benchmark is identified. We do not expect adoption of the new standard to have a material impact to our consolidated financial statements.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2021
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, 2021 Three Months Ended September 30, 2020 Retail Electricity Retail Natural Gas Total Reportable Segments Retail Electricity Retail Natural Gas Total Reportable Segments Primary markets (a) New England $ 25,406 $ 748 $ 26,154 $ 46,464 $ 1,361 $ 47,825 Mid-Atlantic 30,122 1,354 31,476 46,878 2,243 49,121 Midwest 12,473 1,367 13,840 16,933 1,540 18,473 Southwest 24,103 2,694 26,797 22,683 3,086 25,769 $ 92,104 $ 6,163 $ 98,267 $ 132,958 $ 8,230 $ 141,188 Customer type Commercial $ 12,395 $ 2,076 $ 14,471 $ 34,180 $ 2,705 $ 36,885 Residential 82,778 3,781 86,559 103,092 5,082 108,174 Unbilled revenue (b) (3,069) 306 (2,763) (4,314) 443 (3,871) $ 92,104 $ 6,163 $ 98,267 $ 132,958 $ 8,230 $ 141,188 Customer credit risk POR $ 53,670 $ 2,151 $ 55,821 $ 87,439 $ 3,010 $ 90,449 Non-POR 38,434 4,012 42,446 45,519 5,220 50,739 $ 92,104 $ 6,163 $ 98,267 $ 132,958 $ 8,230 $ 141,188 Reportable Segments Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Retail Electricity Retail Natural Gas Total Reportable Segments Retail Electricity Retail Natural Gas Total Reportable Segments Primary markets (a) New England $ 73,045 $ 6,527 $ 79,572 $ 133,218 $ 11,144 $ 144,362 Mid-Atlantic 81,981 18,032 100,013 131,463 23,976 155,439 Midwest 32,894 14,515 47,409 46,428 19,338 65,766 Southwest 54,628 12,099 66,727 55,872 14,727 70,599 $ 242,548 $ 51,173 $ 293,721 $ 366,981 $ 69,185 $ 436,166 Customer type Commercial $ 38,782 $ 18,574 $ 57,356 $ 103,603 $ 25,512 $ 129,115 Residential 213,440 39,911 253,351 275,229 53,410 328,639 Unbilled revenue (b) (9,674) (7,312) (16,986) (11,851) (9,737) (21,588) $ 242,548 $ 51,173 $ 293,721 $ 366,981 $ 69,185 $ 436,166 Customer credit risk POR $ 145,924 $ 26,731 $ 172,655 $ 246,046 $ 34,423 $ 280,469 Non-POR 96,624 24,442 121,066 120,935 34,762 155,697 $ 242,548 $ 51,173 $ 293,721 $ 366,981 $ 69,185 $ 436,166 (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, 2021 and 2020, our retail revenues included gross receipts taxes of $0.3 million and $0.3 million, respectively, and our retail cost of revenues included gross receipts taxes of $1.2 million and $1.6 million, respectively. During the nine months ended September 30, 2021 and 2020, our retail revenues included gross receipts taxes of $0.8 million and $1.0 million, respectively, and our retail cost of revenues included gross receipts taxes of $3.4 million and $4.7 million, respectively. Accounts receivables and Allowance for Credit Losses 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, 2021 are presented in the table below (in thousands): Balance at December 31, 2020 $ (3,942) Current period bad debt provision (139) Write-offs 1,907 Recovery of previous write offs (355) Balance at September 30, 2021 $ (2,529)

Equity

Equity	9 Months Ended
	Sep. 30, 2021
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 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, 2021 and December 31, 2020, respectively. The Company Affiliated Owners September 30, 2021 44.00 % 56.00 % December 31, 2020 41.53 % 58.47 % The following table summarizes the portion of net income and income tax expense attributable to non-controlling interest (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income allocated to non-controlling interest $ 21,959 $ 14,909 $ 18,884 $ 38,717 Income tax expense allocated to non-controlling interest 2,185 1,916 4,726 4,517 Net income attributable to non-controlling interest $ 19,774 $ 12,993 $ 14,158 $ 34,200 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. Conversion of Class B Common Stock to Class A Common Stock In July 2021, holders of Class B common stock exchanged 800,000 of their Spark HoldCo units (together with a corresponding number of shares of Class B common stock) for shares of Class A common stock at an exchange ratio of one share of Class A common stock for each Spark HoldCo unit (and corresponding share of Class B common stock) exchanged. Dividends on Class A Common Stock 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, 2021, we paid $8.2 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, 2021, Spark HoldCo made corresponding distributions of $11.2 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. Purchases could be made with available cash balances, our Senior Credit Facility and operating cash flows. The shares of Class A common stock could 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 did not obligate us to acquire any particular amount of Class A common stock, could be modified or suspended at any time, and could be terminated prior to completion. During the nine months ended September 30, 2021, we did not repurchase our Class A common stock. The share repurchase program expired on August 18, 2021 pursuant to an agreement with lenders under our Senior Credit Facility, and our Senior Credit Facility was subsequently amended, terminating the provision for borrowings specific to Class A common stock repurchases. See Note 9 "Debt" for further discussion. 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 per share for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income attributable to Via Renewables, Inc. stockholders $ 14,883 $ 9,613 $ 17,735 $ 25,251 Less: Dividend on Series A Preferred Stock 1,951 1,951 5,853 5,490 Net income attributable to stockholders of Class A common stock $ 12,932 $ 7,662 $ 11,882 $ 19,761 Basic weighted average Class A common shares outstanding 15,572 14,653 14,965 14,531 Basic income per share attributable to stockholders $ 0.83 $ 0.52 $ 0.79 $ 1.36 Net income attributable to stockholders of Class A common stock $ 12,932 $ 7,662 $ 11,882 $ 19,761 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 $ 12,932 $ 7,662 $ 11,882 $ 19,761 Basic weighted average Class A common shares outstanding 15,572 14,653 14,965 14,531 Effect of dilutive Class B common stock — — — — Effect of dilutive restricted stock units 114 18 134 124 Diluted weighted average shares outstanding 15,686 14,671 15,099 14,655 Diluted income per share attributable to stockholders $ 0.82 $ 0.52 $ 0.79 $ 1.35 The computation of diluted earnings per share for the three and nine months ended September 30, 2021, respectively, excludes 20.0 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, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Assets Current assets: Cash and cash equivalents $ 89,276 $ 71,442 Accounts receivable 47,644 70,350 Other current assets 99,963 55,575 Total current assets 236,883 197,367 Non-current assets: Goodwill 120,343 120,343 Other assets 12,747 15,259 Total non-current assets 133,090 135,602 Total Assets $ 369,973 $ 332,969 Liabilities Current liabilities: Accounts payable and accrued liabilities $ 52,442 $ 61,436 Other current liabilities 46,818 43,676 Total current liabilities 99,260 105,112 Long-term liabilities: Long-term portion of Senior Credit Facility 130,000 100,000 Subordinated debt — affiliate 10,000 — Other long-term liabilities 308 256 Total long-term liabilities 140,308 100,256 Total Liabilities $ 239,568 $ 205,368

Preferred Stock

Preferred Stock	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Preferred Stock	5. Preferred Stock 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, 2021, we paid $1.9 million and $5.9 million in dividends to holders of the Series A Preferred Stock, respectively. As of September 30, 2021, we had accrued $2.0 million related to dividends to holders of the Series A Preferred Stock. This dividend was paid on October 15, 2021. A summary of our preferred equity balance for the nine months ended September 30, 2021 is as follows: (in thousands) Balance at December 31, 2020 $ 87,288 Repurchase of Series A Preferred Stock — Accumulated dividends on Series A Preferred Stock — Balance at September 30, 2021 $ 87,288

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020, we offset $1.7 million and $0.1 million, respectively, in collateral to net against the related derivative asset and liability's fair value. 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, 2021 December 31, 2020 Natural Gas MMBtu 3,195 2,880 Electricity MWh 1,804 1,845 Trading Commodity Notional September 30, 2021 December 31, 2020 Natural Gas MMBtu 1,202 102 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, Nine Months Ended September 30, 2021 2020 2021 2020 Gain (Loss) on non-trading derivatives, net $ 32,262 $ 2,550 $ 58,214 $ (14,019) (Loss) Gain on trading derivatives, net (464) (99) (488) 4 Gain (Loss) on derivatives, net 31,798 2,451 57,726 (14,015) Current period settlements on non-trading derivatives (1) $ (5,660) $ 6,489 $ (6,054) $ 33,153 Current period settlements on trading derivatives — (64) 4 (156) Total current period settlements on derivatives $ (5,660) $ 6,425 $ (6,050) $ 32,997 ( 1) Excludes settlements of $(0.3) million, for the nine months ended September 30, 2020 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, 2021 Description Gross Assets Gross Net Assets Cash Net Amount Non-trading commodity derivatives $ 57,181 $ (11,972) $ 45,209 $ (1,677) $ 43,532 Trading commodity derivatives 1,303 (617) 686 — 686 Total Current Derivative Assets 58,484 (12,589) 45,895 (1,677) 44,218 Non-trading commodity derivatives 1,343 (253) 1,090 — 1,090 Trading commodity derivatives — — — — — Total Non-current Derivative Assets 1,343 (253) 1,090 — 1,090 Total Derivative Assets $ 59,827 $ (12,842) $ 46,985 $ (1,677) $ 45,308 Description Gross Gross Net Cash Net Amount Non-trading commodity derivatives $ — $ — $ — $ — $ — Trading commodity derivatives (1,405) 313 (1,092) — (1,092) Total Current Derivative Liabilities (1,405) 313 (1,092) — (1,092) Non-trading commodity derivatives (332) 255 (77) — (77) Trading commodity derivatives — — — — — Total Non-current Derivative Liabilities (332) 255 (77) — (77) Total Derivative Liabilities $ (1,737) $ 568 $ (1,169) $ — $ (1,169) December 31, 2020 Description Gross Assets Gross Net Assets Cash Net Amount Non-trading commodity derivatives $ 308 $ (105) $ 203 $ — $ 203 Trading commodity derivatives 112 (4) 108 — 108 Total Current Derivative Assets 420 (109) 311 — 311 Non-trading commodity derivatives — — — — — Trading commodity derivatives — — — — — Total Non-current Derivative Assets — — — — — Total Derivative Assets $ 420 $ (109) $ 311 $ — $ 311 Description Gross Gross Net Cash Net Amount Non-trading commodity derivatives $ (11,139) $ 3,620 $ (7,519) $ 86 $ (7,433) Trading commodity derivatives (74) 2 (72) — (72) Total Current Derivative Liabilities (11,213) 3,622 (7,591) 86 (7,505) Non-trading commodity derivatives (838) 611 (227) — (227) Trading commodity derivatives — — — — — Total Non-current Derivative Liabilities (838) 611 (227) — (227) Total Derivative Liabilities $ (12,051) $ 4,233 $ (7,818) $ 86 $ (7,732)

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2021
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, 2021 December 31, 2020 Information technology 2 – 5 $ 6,405 $ 5,821 Furniture and fixtures 2 – 5 957 957 Total 7,362 6,778 Accumulated depreciation (2,844) (3,424) Property and equipment—net $ 4,518 $ 3,354 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 September 30, 2021 and December 31, 2020, information technology includes $0.4 million and $0.7 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 $0.4 million, respectively, for the three months ended September 30, 2021 and 2020 and $1.3 million and $1.6 million for the nine months ended September 30, 2021 and 2020, respectively.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2021
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, 2021 December 31, 2020 Goodwill $ 120,343 $ 120,343 Customer relationships—Acquired Cost $ 58,688 $ 58,688 Accumulated amortization (50,985) (44,175) Customer relationships — Acquired $ 7,703 $ 14,513 Customer relationships—Other Cost $ 13,422 $ 8,988 Accumulated amortization (7,912) (5,733) Customer relationships — Other, net $ 5,510 $ 3,255 Trademarks Cost $ 7,040 $ 7,570 Accumulated amortization (3,257) (2,972) Trademarks, net $ 3,783 $ 4,598 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, 2020 $ 120,343 $ 14,513 $ 3,255 $ 4,598 Additions — — 4,524 — Adjustments — — (28) — Amortization — (6,810) (2,241) (815) Balance at September 30, 2021 $ 120,343 $ 7,703 $ 5,510 $ 3,783 Estimated future amortization expense for customer relationships and trademarks at September 30, 2021 is as follows (in thousands): Year ending December 31, 2021 (remaining three months) $ 3,640 2022 7,702 2023 2,113 2024 1,521 2025 404 > 5 years 1,616 Total $ 16,996

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	9. Debt Debt consists of the following amounts as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Long-term debt: Senior Credit Facility (1) (2) $ 130,000 $ 100,000 Subordinated Debt 10,000 — Total long-term debt 140,000 100,000 Total debt $ 140,000 $ 100,000 (1) As of September 30, 2021 and December 31, 2020, the weighted average interest rate on the Senior Credit Facility was 3.75% and 3.75%, respectively. (2) As of September 30, 2021 and December 31, 2020, we had $24.4 million and $31.0 million in letters of credit issued, respectively. Capitalized financing costs associated with our Senior Credit Facility were $0.9 million and $1.6 million as of September 30, 2021 and December 31, 2020, respectively. Of these amounts, $0.9 million and $1.0 million are recorded in other current assets, and zero and $0.6 million are recorded in other non-current assets in the condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020, respectively. Interest expense consists of the following components for the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Senior Credit Facility $ 678 $ 477 $ 1,950 $ 1,904 Letters of credit fees and commitment fees 351 244 1,088 1,073 Amortization of deferred financing costs 275 476 792 966 Other (6) 290 331 290 Interest Expense $ 1,298 $ 1,487 $ 4,161 $ 4,233 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 $227.5 million as of September 30, 2021. As further described below, on October 15, 2021, the Company entered into the Fifth Amendment to its Senior Credit Facility. Prior to the Fifth Amendment and subject to applicable sub-limits and terms of the Senior Credit Facility, borrowings were 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”). Prior to the Fifth Amendment, the Senior Credit Facility matured in July 2022. On October 15, 2021, the Company entered into the Fifth Amendment to its Senior Credit Facility, which, among other things extended the maturity date, added a provision for borrowings to fund acquisitions ("Acquisition Loans") subject to limits as defined in the agreement, and terminated the provision allowing for Share Buyback Loans. Pursuant to the Fifth Amendment, the Senior Credit Facility will mature on October 13, 2023 , 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, and to provide partial funding for acquisitions, as allowed under terms of the Senior Credit Facility. The Fifth Amendment provides for Acquisition Loans not to exceed 75% of the adjusted purchase price of the acquisition, as defined in the agreement. 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%. Prior to the Fifth Amendment, borrowings under the Senior Credit Facility for Share Buyback Loans, were 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. Pursuant to the Fifth Amendment, borrowings under the Senior Credit Facility for Acquisition Loans are generally determined by reference to the Eurodollar rate plus an applicable margin of 4.00% per annum or the alternate base rate plus an applicable margin of 3.00% 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. Our Minimum Fixed Charge Coverage Ratio as of September 30, 2021 was 1.95 to 1.00. • 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. Our Maximum Total Leverage Ratio as of September 30, 2021 was 1.59 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. Our Maximum Senior Secured Leverage Ratio as of September 30, 2021 was 1.39 to 1.00. 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, 2021, 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. We are entitled to pay cash dividends to the holders of the Series A Preferred Stock and Class A common stock so long as: (a) no default exists or would result therefrom; (b) the Co-Borrowers are in pro forma compliance with all financial covenants before and after giving effect thereto; and (c) the outstanding amount of all loans and letters of credit does not exceed the borrowing base limits. Prior to the Fifth Amendment, which terminated Share Buyback Loans, we were entitled to repurchase up to an aggregate amount of 10,000,000 shares of our Class A common stock, and up to $92.7 million of Series A Preferred Stock through one or more normal course open market purchases through NASDAQ so long: (a) no default existed or would result therefrom; (b) the Co-Borrowers were in pro forma compliance with all financial covenants before and after giving effect thereto; and (c) the outstanding amount of all loans and letters of credit did not exceed the borrowing base limits. 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 In October 2021, the Company entered into 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 amended and restated the Subordinated Promissory Note dated June 2019, by and among the Company, Spark HoldCo and Retailco, solely to extend the maturity date from January 31, 2023 to January 31, 2025. 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, 2021, and December 31, 2020, there were $10.0 million and zero outstanding borrowings under the Subordinated Debt Facility.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
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, 2021 Non-trading commodity derivative assets $ 1,079 $ 43,543 $ — $ 44,622 Trading commodity derivative assets 28 658 — 686 Total commodity derivative assets $ 1,107 $ 44,201 $ — $ 45,308 Non-trading commodity derivative liabilities $ — $ (77) $ — $ (77) Trading commodity derivative liabilities — (1,092) — (1,092) Total commodity derivative liabilities $ — $ (1,169) $ — $ (1,169) Level 1 Level 2 Level 3 Total December 31, 2020 Non-trading commodity derivative assets $ 104 $ 99 $ — $ 203 Trading commodity derivative assets — 108 — 108 Total commodity derivative assets $ 104 $ 207 $ — $ 311 Non-trading commodity derivative liabilities $ (5) $ (7,655) $ — $ (7,660) Trading commodity derivative liabilities — (72) — (72) Total commodity derivative liabilities $ (5) $ (7,727) $ — $ (7,732) We had no transfers of assets or liabilities between any of the above levels during the nine months ended September 30, 2021 and the year ended December 31, 2020. 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

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
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, 2021, we had a net deferred tax asset of $17.3 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, 2021 and 2020 was 16.8% and 18.5%, respectively. The effective U.S. federal and state income tax rate for the nine months ended September 30, 2021 and 2020 was 22.3% and 17.6%, respectively. The effective tax rate for the three and nine months ended September 30, 2021 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, 2021
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 underlying claims of each case are similar; however, because numerous cases have been brought in several different jurisdictions, the varying applicable case law, the varying facts and stages of each case, the Company agreed to mediate 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. In August 2020, the Company participated in mediation which covered three Spark brand 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). The Company is working with the mediator to find a resolution to these cases, but is also simultaneously continuing to defend the cases in the respective courts. Given the ongoing mediation, discovery, and current stage of these matters, we cannot predict the outcome of these cases at this time. In December of 2020, the Company participated in mediation which covered several Verde brand matters: ( 1) Marshall. 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) Panzer v. Verde Energy, USA Inc. and Oasis Power, LLC (E.D. Pa Aug. 2019); (5) LaQua v. Verde Energy USA New York, LLC (E.D.N Y. Jan. 2020); and (6) Abbate v. Verde Energy USA Ohio, LLC (S.D. Ohio Jun. 2020) .The parties agreed to a global settlement that would resolve all of these Verde cases on a nationwide basis. On August 18, 2021, the class action settlement agreement was granted preliminary approval in the United States District Court for the Northern District of Illinois Eastern Division, and the deadline for consumers to file a claim is March 31, 2022. On January 14, 2021, Glikin, et. all v. Major Energy Electric Services, LLC, a purported variable rate class action was filed in the United States District Court, Southern District of New York, attempting to represent a class of all Major Energy customers (including customers of companies Major Energy acts as a successor to) in the United States charged a variable rate for electricity or gas by Major Energy during the applicable statute of limitations period up to and including the date of judgment. The Company believes there is no merit to this case and plans to vigorously defend this matter; however, given the current early stage of this matter, we cannot predict the outcome of this case at this time. 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., was a lawsuit filed on October 17, 2017 in the United States District Court for the Southern District of New York related to the Company's purchase of Major Energy and structure of the earn-out in connection therewith ("Major Earn-Out Case") 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. On September 30, 2021, the Court held in favor of the Company on all claims and entered judgment in favor of the Company to close this case. On October 29, 2021, plaintiffs filed a notice of appeal to the Second Circuit Court of Appeals. The Company will continue to aggressively defend this matter. Several smaller, related cases to the Major Earn-Out Case involving the same facts are pending in the United States District Court for the Southern District of New York. These are regarding Major Energy executive compensation agreements. The Company believes there is no merit to these cases and is vigorously defending these matters; however, we cannot predict the outcome of these cases 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, license renewal reviews, 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. In 2019, PURA initiated review of two of the Company's brands in Connecticut, Spark and Verde, focusing on marketing, billing and enrollment practices. The Company has and is cooperating with PURA's requests to review Spark and Verde practices in Connecticut. New York. 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; however, no agreement has been met by parties. Pennsylvania. Verde Energy USA, Inc. (“Verde”) was 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 asserted 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 included payment of 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 2021 for which additional liabilities may arise. At the time of filing these 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, 2021 and December 31, 2020, we had accrued $19.3 million and $26.6 million, respectively, related to litigation and regulatory matters and $2.1 million and $1.2 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, 2021
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. The following tables presents asset and liability balances with affiliates (in thousands): September 30, 2021 December 31, 2020 Assets Accounts Receivable - affiliates $ 3,406 $ 5,053 Total Assets - affiliates $ 3,406 $ 5,053 September 30, 2021 December 31, 2020 Liabilities Accounts Payable - affiliates $ 412 $ 826 Subordinated Debt - affiliates (1) 10,000 — Total Liabilities - affiliates $ 10,412 $ 826 (1) 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. See Note 9 "Debt" for a further description of terms and conditions of the Subordinated Debt Facility. The following table presents revenues and cost of revenues recorded in net asset optimization revenue associated with affiliates for the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue NAO - affiliates $ 249 $ 125 $ 818 $ 843 Cost of Revenue NAO - affiliates — 5 5 241 Net NAO - affiliates $ 249 $ 120 $ 813 $ 602 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 $(0.6) million and $0.5 million for the three months ended September 30, 2021 and 2020, respectively. The total net amount direct billed and allocated to/(from) affiliates was $(0.3) million and $0.5 million for the nine months ended September 30, 2021 and 2020, respectively. General and administrative costs of zero and $0.1 million were recorded for the three months ended September 30, 2021 and 2020, respectively, and $0.1 million and $0.2 million for the nine months ended September 30, 2021 and 2020, respectively. The general and administrative costs relate to telemarketing activities performed by an affiliate. Distributions to and Contributions from Affiliates During three months ended September 30, 2021 and 2020, Spark HoldCo made distributions to affiliates of our Founder of $3.6 million and $3.8 million, respectively, for the payments of quarterly distribution on their respective Spark HoldCo units. During the three months ended September 30, 2021 and 2020, Spark HoldCo also made distributions to these affiliates for gross-up distributions of zero and $5.9 million, respectively, in connection with distributions made between Spark HoldCo and Via Renewables, Inc. for payment of income taxes incurred by us. During each of the nine months ended September 30, 2021 and 2020, Spark HoldCo made distributions to affiliates of our Founder of $11.2 million and $11.3 million, for payments of quarterly distributions on their respective Spark HoldCo units. During the nine months ended September 30, 2021 and 2020, Spark HoldCo also made distributions to these affiliates for gross-up distributions of $2.6 million and $12.1 million, respectively, in connection with distributions made between Spark HoldCo and Via Renewables, Inc. for payment of income taxes incurred by us.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020, we recorded asset optimization revenues of $9.6 million and $6.2 million and asset optimization cost of revenues of $9.9 million and $6.8 million, respectively, and for the nine months ended September 30, 2021 and 2020, we recorded asset optimization revenues of $43.1 million and $16.5 million and asset optimization cost of revenues of $43.6 million and $16.8 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. We have historically defined retail gross margin 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. Based on the events described below related to the February 2021 North American winter storm referred to as Winter Storm Uri ("Winter Storm Uri"), and to ensure Retail Gross Margin reflects repeatable operating performance that is not distorted by non-recurring events or extreme market volatility, we have revised the definition of Retail Gross Margin in this Report to include gains (losses) from non-recurring events (including non-recurring market volatility). 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, 2021 2020 2021 2020 Reconciliation of Retail Gross Margin to income before taxes Income before income tax expense $ 41,678 $ 27,747 $ 41,053 $ 72,190 Interest and other income (63) (80) (228) (293) Interest expense 1,298 1,487 4,161 4,233 Operating income 42,913 29,154 44,986 76,130 Depreciation and amortization 5,049 7,278 16,498 24,084 General and administrative 9,719 19,080 33,053 66,087 Less: Net asset optimization (expense) revenue (288) (558) (542) (319) Net, gain (loss) on non-trading derivative instruments 32,262 2,550 58,214 (14,019) Net, Cash settlements on non-trading derivative instruments (5,660) 6,489 (6,054) 33,153 Non-recurring event - Winter Storm Uri 497 — (64,403) — Retail Gross Margin $ 30,870 $ 47,031 $ 107,322 $ 147,486 Financial data for business segments are as follows (in thousands): Three Months Ended September 30, 2021 Retail Retail Corporate Eliminations Consolidated Total Revenues $ 92,104 $ 6,163 $ (288) $ — $ 97,979 Retail cost of revenues 41,035 (737) — — 40,298 Less: Net asset optimization expense — — (288) — (288) Net, gain on non-trading derivative instruments 27,558 4,704 — — 32,262 Current period settlements on non-trading derivatives (5,199) (461) — — (5,660) Non-recurring event - Winter Storm Uri Credit 497 — — — 497 Retail Gross Margin $ 28,213 $ 2,657 $ — $ — $ 30,870 Total Assets at September 30, 2021 $ 3,130,077 $ 996,315 $ 332,666 $ (4,066,576) $ 392,482 Goodwill at September 30, 2021 $ 117,813 $ 2,530 $ — $ — $ 120,343 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 December 31, 2020 $ 2,906,139 $ 941,569 $ 318,865 $ (3,799,906) $ 366,667 Goodwill at December 31, 2020 $ 117,813 $ 2,530 $ — $ — $ 120,343 Nine Months Ended September 30, 2021 Retail Retail Corporate Eliminations Consolidated Total revenues $ 242,548 $ 51,173 $ (542) $ — $ 293,179 Retail cost of revenues 179,762 18,880 — — 198,642 Less: Net asset optimization expense — — (542) — (542) Net gain on non-trading derivatives 51,957 6,257 — — 58,214 Current period settlements on non-trading derivatives (5,246) (808) — — (6,054) Non-recurring event - Winter Storm Uri (64,403) — — — (64,403) Retail Gross Margin $ 80,478 $ 26,844 $ — $ — $ 107,322 Total Assets at September 30, 2021 $ 3,130,077 $ 996,315 $ 332,666 $ (4,066,576) $ 392,482 Goodwill at September 30, 2021 $ 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 December 31, 2020 $ 2,906,139 $ 941,569 $ 318,865 $ (3,799,906) $ 366,667 Goodwill at December 31, 2020 $ 117,813 $ 2,530 $ — $ — $ 120,343

Customer Acquisitions

Customer Acquisitions	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Customer Acquisitions	Customer Acquisitions Acquisition of Customer Books In May 2021, we entered into a series of asset purchase agreements and agreed to acquire up to approximately 56,900 RCEs for a cash purchase price of up to a maximum of $11.5 million. These customers began transferring in August 2021, and are located in our existing markets. During the nine months ended September 30, 2021, a total of $1.5 million was paid for approximately 28,000 RCEs ($4.5 million for acquired customer contracts, net of $3.0 million related holdbacks under the terms of the purchase agreement). In addition, approximately $1.2 million was released back to us for a reduction in RCEs to be acquired. As part of the acquisitions, we funded an escrow account, the balance of which is reflected as restricted cash in our consolidated balance sheet. As we acquire customers, we make payments to the sellers from the escrow account. As of September 30, 2021, the balance in the escrow account was $8.7 million, and these funds are expected to be released to the sellers as acquired customers transfer from the sellers to the Company in accordance with the asset purchase agreement, and any unallocated balance will be returned to the Company once the acquisition is complete.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events Declaration of Dividends On October 20, 2021, we declared a quarterly dividend of $0.18125 per share to holders of record of our Class A common stock on December 1, 2021, which will be paid on December 15, 2021. On October 20, 2021, 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 3, 2022. The dividend will be paid on January 17, 2022. Fifth Amendment to the Senior Credit Facility On October 15, 2021, we entered into the Fifth Amendment to our Senior Credit Facility, which, among other things extended the maturity date to October 13, 2023, added a provision for Acquisition Loans (subject to limits as defined in the agreement), and terminated the provision allowing for Share Buyback Loans. Amended and Restated Subordinated Promissory Note In October 2021, we amended the Subordinated Debt Facility solely to extend the maturity date from January 31, 2023 to January 31, 2025.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
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, 2020 (the “2020 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.
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 2020 Form 10-K, except as follows: In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted ASU 2019-12 effective January 1, 2021 and the adoption did not have a material impact on our consolidated financial statements. 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, 2021. 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 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. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform ("ASU 2021-01"), which clarifies the scope and application of certain optional expedients and exceptions regarding the original guidance. The amendments in these ASUs were effective upon issuance and can be applied prospectively through December 31, 2022. The Company's Senior Credit Facility is the only agreement that makes reference to a LIBOR rate and the agreement outlines the specific procedures that will be undertaken once an appropriate alternative benchmark is identified. We do not expect adoption of the new standard to have a material impact to our consolidated financial statements.
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 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.

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of 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, 2021 Three Months Ended September 30, 2020 Retail Electricity Retail Natural Gas Total Reportable Segments Retail Electricity Retail Natural Gas Total Reportable Segments Primary markets (a) New England $ 25,406 $ 748 $ 26,154 $ 46,464 $ 1,361 $ 47,825 Mid-Atlantic 30,122 1,354 31,476 46,878 2,243 49,121 Midwest 12,473 1,367 13,840 16,933 1,540 18,473 Southwest 24,103 2,694 26,797 22,683 3,086 25,769 $ 92,104 $ 6,163 $ 98,267 $ 132,958 $ 8,230 $ 141,188 Customer type Commercial $ 12,395 $ 2,076 $ 14,471 $ 34,180 $ 2,705 $ 36,885 Residential 82,778 3,781 86,559 103,092 5,082 108,174 Unbilled revenue (b) (3,069) 306 (2,763) (4,314) 443 (3,871) $ 92,104 $ 6,163 $ 98,267 $ 132,958 $ 8,230 $ 141,188 Customer credit risk POR $ 53,670 $ 2,151 $ 55,821 $ 87,439 $ 3,010 $ 90,449 Non-POR 38,434 4,012 42,446 45,519 5,220 50,739 $ 92,104 $ 6,163 $ 98,267 $ 132,958 $ 8,230 $ 141,188 Reportable Segments Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Retail Electricity Retail Natural Gas Total Reportable Segments Retail Electricity Retail Natural Gas Total Reportable Segments Primary markets (a) New England $ 73,045 $ 6,527 $ 79,572 $ 133,218 $ 11,144 $ 144,362 Mid-Atlantic 81,981 18,032 100,013 131,463 23,976 155,439 Midwest 32,894 14,515 47,409 46,428 19,338 65,766 Southwest 54,628 12,099 66,727 55,872 14,727 70,599 $ 242,548 $ 51,173 $ 293,721 $ 366,981 $ 69,185 $ 436,166 Customer type Commercial $ 38,782 $ 18,574 $ 57,356 $ 103,603 $ 25,512 $ 129,115 Residential 213,440 39,911 253,351 275,229 53,410 328,639 Unbilled revenue (b) (9,674) (7,312) (16,986) (11,851) (9,737) (21,588) $ 242,548 $ 51,173 $ 293,721 $ 366,981 $ 69,185 $ 436,166 Customer credit risk POR $ 145,924 $ 26,731 $ 172,655 $ 246,046 $ 34,423 $ 280,469 Non-POR 96,624 24,442 121,066 120,935 34,762 155,697 $ 242,548 $ 51,173 $ 293,721 $ 366,981 $ 69,185 $ 436,166 (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.
Schedule of Accounts Receivable, Allowance for Credit Loss	A rollforward of our allowance for credit losses for the nine months ended September 30, 2021 are presented in the table below (in thousands): Balance at December 31, 2020 $ (3,942) Current period bad debt provision (139) Write-offs 1,907 Recovery of previous write offs (355) Balance at September 30, 2021 $ (2,529)

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Economic Interests	The Company and affiliates owned the following economic interests in Spark HoldCo at September 30, 2021 and December 31, 2020, respectively. The Company Affiliated Owners September 30, 2021 44.00 % 56.00 % December 31, 2020 41.53 % 58.47 %
Summary of Net Income (Loss) and Income Tax Expense (Benefit) Attributable to Non-controlling Interest	The following table summarizes the portion of net income and income tax expense attributable to non-controlling interest (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income allocated to non-controlling interest $ 21,959 $ 14,909 $ 18,884 $ 38,717 Income tax expense allocated to non-controlling interest 2,185 1,916 4,726 4,517 Net income attributable to non-controlling interest $ 19,774 $ 12,993 $ 14,158 $ 34,200
Schedule of Computation of Basic and Diluted Income (Loss) Per Share	The following table presents the computation of basic and diluted income per share for the three and nine months ended September 30, 2021 and 2020 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Net income attributable to Via Renewables, Inc. stockholders $ 14,883 $ 9,613 $ 17,735 $ 25,251 Less: Dividend on Series A Preferred Stock 1,951 1,951 5,853 5,490 Net income attributable to stockholders of Class A common stock $ 12,932 $ 7,662 $ 11,882 $ 19,761 Basic weighted average Class A common shares outstanding 15,572 14,653 14,965 14,531 Basic income per share attributable to stockholders $ 0.83 $ 0.52 $ 0.79 $ 1.36 Net income attributable to stockholders of Class A common stock $ 12,932 $ 7,662 $ 11,882 $ 19,761 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 $ 12,932 $ 7,662 $ 11,882 $ 19,761 Basic weighted average Class A common shares outstanding 15,572 14,653 14,965 14,531 Effect of dilutive Class B common stock — — — — Effect of dilutive restricted stock units 114 18 134 124 Diluted weighted average shares outstanding 15,686 14,671 15,099 14,655 Diluted income per share attributable to stockholders $ 0.82 $ 0.52 $ 0.79 $ 1.35
Schedule of Carrying Amounts and Classification of Assets and Liabilities	The following table includes the carrying amounts and classification of the assets and liabilities of Spark HoldCo that are included in our condensed consolidated balance sheet as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Assets Current assets: Cash and cash equivalents $ 89,276 $ 71,442 Accounts receivable 47,644 70,350 Other current assets 99,963 55,575 Total current assets 236,883 197,367 Non-current assets: Goodwill 120,343 120,343 Other assets 12,747 15,259 Total non-current assets 133,090 135,602 Total Assets $ 369,973 $ 332,969 Liabilities Current liabilities: Accounts payable and accrued liabilities $ 52,442 $ 61,436 Other current liabilities 46,818 43,676 Total current liabilities 99,260 105,112 Long-term liabilities: Long-term portion of Senior Credit Facility 130,000 100,000 Subordinated debt — affiliate 10,000 — Other long-term liabilities 308 256 Total long-term liabilities 140,308 100,256 Total Liabilities $ 239,568 $ 205,368

Preferred Stock (Tables)

Preferred Stock (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Summary of Preferred Equity Balance	A summary of our preferred equity balance for the nine months ended September 30, 2021 is as follows: (in thousands) Balance at December 31, 2020 $ 87,288 Repurchase of Series A Preferred Stock — Accumulated dividends on Series A Preferred Stock — Balance at September 30, 2021 $ 87,288

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Volumetric 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, 2021 December 31, 2020 Natural Gas MMBtu 3,195 2,880 Electricity MWh 1,804 1,845 Trading Commodity Notional September 30, 2021 December 31, 2020 Natural Gas MMBtu 1,202 102
Schedule of 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, Nine Months Ended September 30, 2021 2020 2021 2020 Gain (Loss) on non-trading derivatives, net $ 32,262 $ 2,550 $ 58,214 $ (14,019) (Loss) Gain on trading derivatives, net (464) (99) (488) 4 Gain (Loss) on derivatives, net 31,798 2,451 57,726 (14,015) Current period settlements on non-trading derivatives (1) $ (5,660) $ 6,489 $ (6,054) $ 33,153 Current period settlements on trading derivatives — (64) 4 (156) Total current period settlements on derivatives $ (5,660) $ 6,425 $ (6,050) $ 32,997 ( 1) Excludes settlements of $(0.3) million, for the nine months ended September 30, 2020 related to power call options.
Schedule of Offsetting Assets	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, 2021 Description Gross Assets Gross Net Assets Cash Net Amount Non-trading commodity derivatives $ 57,181 $ (11,972) $ 45,209 $ (1,677) $ 43,532 Trading commodity derivatives 1,303 (617) 686 — 686 Total Current Derivative Assets 58,484 (12,589) 45,895 (1,677) 44,218 Non-trading commodity derivatives 1,343 (253) 1,090 — 1,090 Trading commodity derivatives — — — — — Total Non-current Derivative Assets 1,343 (253) 1,090 — 1,090 Total Derivative Assets $ 59,827 $ (12,842) $ 46,985 $ (1,677) $ 45,308 December 31, 2020 Description Gross Assets Gross Net Assets Cash Net Amount Non-trading commodity derivatives $ 308 $ (105) $ 203 $ — $ 203 Trading commodity derivatives 112 (4) 108 — 108 Total Current Derivative Assets 420 (109) 311 — 311 Non-trading commodity derivatives — — — — — Trading commodity derivatives — — — — — Total Non-current Derivative Assets — — — — — Total Derivative Assets $ 420 $ (109) $ 311 $ — $ 311
Schedule of Offsetting Liabilities	Description Gross Gross Net Cash Net Amount Non-trading commodity derivatives $ — $ — $ — $ — $ — Trading commodity derivatives (1,405) 313 (1,092) — (1,092) Total Current Derivative Liabilities (1,405) 313 (1,092) — (1,092) Non-trading commodity derivatives (332) 255 (77) — (77) Trading commodity derivatives — — — — — Total Non-current Derivative Liabilities (332) 255 (77) — (77) Total Derivative Liabilities $ (1,737) $ 568 $ (1,169) $ — $ (1,169) Description Gross Gross Net Cash Net Amount Non-trading commodity derivatives $ (11,139) $ 3,620 $ (7,519) $ 86 $ (7,433) Trading commodity derivatives (74) 2 (72) — (72) Total Current Derivative Liabilities (11,213) 3,622 (7,591) 86 (7,505) Non-trading commodity derivatives (838) 611 (227) — (227) Trading commodity derivatives — — — — — Total Non-current Derivative Liabilities (838) 611 (227) — (227) Total Derivative Liabilities $ (12,051) $ 4,233 $ (7,818) $ 86 $ (7,732)

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following (in thousands): Estimated useful September 30, 2021 December 31, 2020 Information technology 2 – 5 $ 6,405 $ 5,821 Furniture and fixtures 2 – 5 957 957 Total 7,362 6,778 Accumulated depreciation (2,844) (3,424) Property and equipment—net $ 4,518 $ 3,354

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill, Customer Relationships and Trademarks	Goodwill, customer relationships and trademarks consist of the following amounts (in thousands): September 30, 2021 December 31, 2020 Goodwill $ 120,343 $ 120,343 Customer relationships—Acquired Cost $ 58,688 $ 58,688 Accumulated amortization (50,985) (44,175) Customer relationships — Acquired $ 7,703 $ 14,513 Customer relationships—Other Cost $ 13,422 $ 8,988 Accumulated amortization (7,912) (5,733) Customer relationships — Other, net $ 5,510 $ 3,255 Trademarks Cost $ 7,040 $ 7,570 Accumulated amortization (3,257) (2,972) Trademarks, net $ 3,783 $ 4,598 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, 2020 $ 120,343 $ 14,513 $ 3,255 $ 4,598 Additions — — 4,524 — Adjustments — — (28) — Amortization — (6,810) (2,241) (815) Balance at September 30, 2021 $ 120,343 $ 7,703 $ 5,510 $ 3,783
Schedule of Estimated Future Amortization Expense	Estimated future amortization expense for customer relationships and trademarks at September 30, 2021 is as follows (in thousands): Year ending December 31, 2021 (remaining three months) $ 3,640 2022 7,702 2023 2,113 2024 1,521 2025 404 > 5 years 1,616 Total $ 16,996

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Debt consists of the following amounts as of September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Long-term debt: Senior Credit Facility (1) (2) $ 130,000 $ 100,000 Subordinated Debt 10,000 — Total long-term debt 140,000 100,000 Total debt $ 140,000 $ 100,000 (1) As of September 30, 2021 and December 31, 2020, the weighted average interest rate on the Senior Credit Facility was 3.75% and 3.75%, respectively. (2) As of September 30, 2021 and December 31, 2020, we had $24.4 million and $31.0 million in letters of credit issued, respectively.
Schedule of 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, 2021 2020 2021 2020 Senior Credit Facility $ 678 $ 477 $ 1,950 $ 1,904 Letters of credit fees and commitment fees 351 244 1,088 1,073 Amortization of deferred financing costs 275 476 792 966 Other (6) 290 331 290 Interest Expense $ 1,298 $ 1,487 $ 4,161 $ 4,233

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of 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, 2021 Non-trading commodity derivative assets $ 1,079 $ 43,543 $ — $ 44,622 Trading commodity derivative assets 28 658 — 686 Total commodity derivative assets $ 1,107 $ 44,201 $ — $ 45,308 Non-trading commodity derivative liabilities $ — $ (77) $ — $ (77) Trading commodity derivative liabilities — (1,092) — (1,092) Total commodity derivative liabilities $ — $ (1,169) $ — $ (1,169) Level 1 Level 2 Level 3 Total December 31, 2020 Non-trading commodity derivative assets $ 104 $ 99 $ — $ 203 Trading commodity derivative assets — 108 — 108 Total commodity derivative assets $ 104 $ 207 $ — $ 311 Non-trading commodity derivative liabilities $ (5) $ (7,655) $ — $ (7,660) Trading commodity derivative liabilities — (72) — (72) Total commodity derivative liabilities $ (5) $ (7,727) $ — $ (7,732)

Transactions with Affiliates (T

Transactions with Affiliates (Tables)	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following tables presents asset and liability balances with affiliates (in thousands): September 30, 2021 December 31, 2020 Assets Accounts Receivable - affiliates $ 3,406 $ 5,053 Total Assets - affiliates $ 3,406 $ 5,053 September 30, 2021 December 31, 2020 Liabilities Accounts Payable - affiliates $ 412 $ 826 Subordinated Debt - affiliates (1) 10,000 — Total Liabilities - affiliates $ 10,412 $ 826 (1) 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. See Note 9 "Debt" for a further description of terms and conditions of the Subordinated Debt Facility. The following table presents revenues and cost of revenues recorded in net asset optimization revenue associated with affiliates for the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Revenue NAO - affiliates $ 249 $ 125 $ 818 $ 843 Cost of Revenue NAO - affiliates — 5 5 241 Net NAO - affiliates $ 249 $ 120 $ 813 $ 602

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of 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, 2021 2020 2021 2020 Reconciliation of Retail Gross Margin to income before taxes Income before income tax expense $ 41,678 $ 27,747 $ 41,053 $ 72,190 Interest and other income (63) (80) (228) (293) Interest expense 1,298 1,487 4,161 4,233 Operating income 42,913 29,154 44,986 76,130 Depreciation and amortization 5,049 7,278 16,498 24,084 General and administrative 9,719 19,080 33,053 66,087 Less: Net asset optimization (expense) revenue (288) (558) (542) (319) Net, gain (loss) on non-trading derivative instruments 32,262 2,550 58,214 (14,019) Net, Cash settlements on non-trading derivative instruments (5,660) 6,489 (6,054) 33,153 Non-recurring event - Winter Storm Uri 497 — (64,403) — Retail Gross Margin $ 30,870 $ 47,031 $ 107,322 $ 147,486
Schedule of Financial Data for Business Segments	Financial data for business segments are as follows (in thousands): Three Months Ended September 30, 2021 Retail Retail Corporate Eliminations Consolidated Total Revenues $ 92,104 $ 6,163 $ (288) $ — $ 97,979 Retail cost of revenues 41,035 (737) — — 40,298 Less: Net asset optimization expense — — (288) — (288) Net, gain on non-trading derivative instruments 27,558 4,704 — — 32,262 Current period settlements on non-trading derivatives (5,199) (461) — — (5,660) Non-recurring event - Winter Storm Uri Credit 497 — — — 497 Retail Gross Margin $ 28,213 $ 2,657 $ — $ — $ 30,870 Total Assets at September 30, 2021 $ 3,130,077 $ 996,315 $ 332,666 $ (4,066,576) $ 392,482 Goodwill at September 30, 2021 $ 117,813 $ 2,530 $ — $ — $ 120,343 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 December 31, 2020 $ 2,906,139 $ 941,569 $ 318,865 $ (3,799,906) $ 366,667 Goodwill at December 31, 2020 $ 117,813 $ 2,530 $ — $ — $ 120,343 Nine Months Ended September 30, 2021 Retail Retail Corporate Eliminations Consolidated Total revenues $ 242,548 $ 51,173 $ (542) $ — $ 293,179 Retail cost of revenues 179,762 18,880 — — 198,642 Less: Net asset optimization expense — — (542) — (542) Net gain on non-trading derivatives 51,957 6,257 — — 58,214 Current period settlements on non-trading derivatives (5,246) (808) — — (6,054) Non-recurring event - Winter Storm Uri (64,403) — — — (64,403) Retail Gross Margin $ 80,478 $ 26,844 $ — $ — $ 107,322 Total Assets at September 30, 2021 $ 3,130,077 $ 996,315 $ 332,666 $ (4,066,576) $ 392,482 Goodwill at September 30, 2021 $ 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 December 31, 2020 $ 2,906,139 $ 941,569 $ 318,865 $ (3,799,906) $ 366,667 Goodwill at December 31, 2020 $ 117,813 $ 2,530 $ — $ — $ 120,343

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
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.
Electric and Gas Revenue
Disaggregation of Revenue [Line Items]
Excise and sales taxes	$ 0.3	$ 0.3	$ 0.8	$ 1
Cost of Services Energy Services
Disaggregation of Revenue [Line Items]
Excise and sales taxes	$ 1.2	$ 1.6	$ 3.4	$ 4.7

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Retail revenues	$ 98,267	$ 141,188	$ 293,721	$ 436,166
POR
Disaggregation of Revenue [Line Items]
Retail revenues	55,821	90,449	172,655	280,469
Non-POR
Disaggregation of Revenue [Line Items]
Retail revenues	42,446	50,739	121,066	155,697
Unbilled revenue
Disaggregation of Revenue [Line Items]
Retail revenues	(2,763)	(3,871)	(16,986)	(21,588)
Commercial | Billed Revenue
Disaggregation of Revenue [Line Items]
Retail revenues	14,471	36,885	57,356	129,115
Residential | Billed Revenue
Disaggregation of Revenue [Line Items]
Retail revenues	86,559	108,174	253,351	328,639
New England
Disaggregation of Revenue [Line Items]
Retail revenues	26,154	47,825	79,572	144,362
Mid-Atlantic
Disaggregation of Revenue [Line Items]
Retail revenues	31,476	49,121	100,013	155,439
Midwest
Disaggregation of Revenue [Line Items]
Retail revenues	13,840	18,473	47,409	65,766
Southwest
Disaggregation of Revenue [Line Items]
Retail revenues	26,797	25,769	66,727	70,599
Retail Electricity
Disaggregation of Revenue [Line Items]
Retail revenues	92,104	132,958	242,548	366,981
Retail Electricity | POR
Disaggregation of Revenue [Line Items]
Retail revenues	53,670	87,439	145,924	246,046
Retail Electricity | Non-POR
Disaggregation of Revenue [Line Items]
Retail revenues	38,434	45,519	96,624	120,935
Retail Electricity | Unbilled revenue
Disaggregation of Revenue [Line Items]
Retail revenues	(3,069)	(4,314)	(9,674)	(11,851)
Retail Electricity | Commercial | Billed Revenue
Disaggregation of Revenue [Line Items]
Retail revenues	12,395	34,180	38,782	103,603
Retail Electricity | Residential | Billed Revenue
Disaggregation of Revenue [Line Items]
Retail revenues	82,778	103,092	213,440	275,229
Retail Electricity | New England
Disaggregation of Revenue [Line Items]
Retail revenues	25,406	46,464	73,045	133,218
Retail Electricity | Mid-Atlantic
Disaggregation of Revenue [Line Items]
Retail revenues	30,122	46,878	81,981	131,463
Retail Electricity | Midwest
Disaggregation of Revenue [Line Items]
Retail revenues	12,473	16,933	32,894	46,428
Retail Electricity | Southwest
Disaggregation of Revenue [Line Items]
Retail revenues	24,103	22,683	54,628	55,872
Retail Natural Gas
Disaggregation of Revenue [Line Items]
Retail revenues	6,163	8,230	51,173	69,185
Retail Natural Gas | POR
Disaggregation of Revenue [Line Items]
Retail revenues	2,151	3,010	26,731	34,423
Retail Natural Gas | Non-POR
Disaggregation of Revenue [Line Items]
Retail revenues	4,012	5,220	24,442	34,762
Retail Natural Gas | Unbilled revenue
Disaggregation of Revenue [Line Items]
Retail revenues	306	443	(7,312)	(9,737)
Retail Natural Gas | Commercial | Billed Revenue
Disaggregation of Revenue [Line Items]
Retail revenues	2,076	2,705	18,574	25,512
Retail Natural Gas | Residential | Billed Revenue
Disaggregation of Revenue [Line Items]
Retail revenues	3,781	5,082	39,911	53,410
Retail Natural Gas | New England
Disaggregation of Revenue [Line Items]
Retail revenues	748	1,361	6,527	11,144
Retail Natural Gas | Mid-Atlantic
Disaggregation of Revenue [Line Items]
Retail revenues	1,354	2,243	18,032	23,976
Retail Natural Gas | Midwest
Disaggregation of Revenue [Line Items]
Retail revenues	1,367	1,540	14,515	19,338
Retail Natural Gas | Southwest
Disaggregation of Revenue [Line Items]
Retail revenues	$ 2,694	$ 3,086	$ 12,099	$ 14,727

Revenues - Accounts Receivable,

Revenues - Accounts Receivable, Allowance for Credit Loss (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Current period bad debt provision	$ 379	$ 4,613
Trade Accounts Receivable
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(3,942)
Current period bad debt provision	(139)
Write-offs	1,907
Recovery of previous write offs	(355)
Ending balance	$ (2,529)

Equity - Schedule of Economic I

Equity - Schedule of Economic Interests (Details) - The Company	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Economic interest	44.00%	41.53%
Affiliated Owners
Class of Stock [Line Items]
Economic interest	56.00%	58.47%

Equity - Non-controlling Intere

Equity - Non-controlling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Net income allocated to non-controlling interest	$ 21,959	$ 14,909	$ 18,884	$ 38,717
Income tax expense allocated to non-controlling interest	2,185	1,916	4,726	4,517
Less: Net income attributable to non-controlling interests	$ 19,774	$ 12,993	$ 14,158	$ 34,200

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Aug. 18, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Payment of dividends to Class A common stockholders				$ 8,151	$ 7,917
NuDevco Retail Holdings and NuDevco Retail
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Distributions to affiliates		$ 3,600	$ 3,800	$ 11,200	$ 11,300
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dividends paid (in dollars per share)		$ 0.18125	$ 0.18125	$ 0.54375	$ 0.54375
Share repurchase program, amount authorized						$ 20,000
Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion of stock, shares converted (in shares)	800,000
Conversion ratio (in shares)	1
Shares excluded from computation of diluted earnings per share (in shares)		20,000,000		20,000,000

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Net income attributable to Via Renewables, Inc. stockholders	$ 14,883	$ 9,613	$ 17,735	$ 25,251
Less: Dividend on Series A Preferred Stock	1,951	1,951	5,853	5,490
Net income attributable to stockholders of Class A common stock	12,932	7,662	11,882	19,761
Net income attributable to stockholders of class A common stock, diluted	$ 12,932	$ 7,662	$ 11,882	$ 19,761
Basic weighted average class A common shares outstanding (in shares)	15,572	14,653	14,965	14,531
Basic income per share attributable to stockholders (in dollars per share)	$ 0.83	$ 0.52	$ 0.79	$ 1.36
Net income attributable to stockholders of Class A common stock	$ 12,932	$ 7,662	$ 11,882	$ 19,761
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	$ 12,932	$ 7,662	$ 11,882	$ 19,761
Basic weighted average class A common shares outstanding (in shares)	15,572	14,653	14,965	14,531
Effect of dilutive class B common stock (in shares)	0	0	0	0
Effect of dilutive restricted stock units (in shares)	114	18	134	124
Diluted weighted average shares outstanding (in shares)	15,686	14,671	15,099	14,655
Diluted income per share attributable to stockholders (in dollars per share)	$ 0.82	$ 0.52	$ 0.79	$ 1.35

Equity - VIEs (Details)

Equity - VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 89,422	$ 71,684
Accounts receivable	47,644	70,350
Other current assets	13,778	11,818
Total current assets	242,428	204,874
Goodwill	120,343	120,343
Other assets	2,959	4,139
Total assets	392,482	366,667
Current liabilities:
Accounts payable and accrued liabilities	27,422	27,322
Other current liabilities	2,258	1,295
Total current liabilities	71,142	90,661
Long-term liabilities:
Long-term portion of Senior Credit Facility	130,000	100,000
Subordinated debt—affiliates	10,000	0
Other long-term liabilities	231	30
Total liabilities	211,450	190,918
Variable Interest Entity, Primary Beneficiary
Current assets:
Cash and cash equivalents	89,276	71,442
Accounts receivable	47,644	70,350
Other current assets	99,963	55,575
Total current assets	236,883	197,367
Goodwill	120,343	120,343
Other assets	12,747	15,259
Total non-current assets	133,090	135,602
Total assets	369,973	332,969
Current liabilities:
Accounts payable and accrued liabilities	52,442	61,436
Other current liabilities	46,818	43,676
Total current liabilities	99,260	105,112
Long-term liabilities:
Long-term portion of Senior Credit Facility	130,000	100,000
Subordinated debt—affiliates	10,000	0
Other long-term liabilities	308	256
Total long-term liabilities	140,308	100,256
Total liabilities	$ 239,568	$ 205,368

Preferred Stock - Narrative (De

Preferred Stock - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Class of Stock [Line Items]
Dividends paid	$ 1,951	$ 1,952	$ 5,853	$ 5,491
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock dividend accrual rate			8.75%
Dividends paid	1,900		$ 5,900
Dividend accrual	$ 2,000		$ 2,000

Preferred Stock - Summary of Pr

Preferred Stock - Summary of Preferred Equity Balance (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 87,288
Repurchase of Series A Preferred Stock	0
Accumulated dividends on Series A Preferred Stock	0
Ending balance	$ 87,288

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Collateral paid	$ 1.7	$ 0.1

Derivative Instruments - Volume

Derivative Instruments - Volumetric Underlying Derivative Transactions (Details) - Buy MWh in Thousands, MMBTU in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021MMBTUMWh	Dec. 31, 2020MMBTUMWh
Gain (Loss) on non-trading derivatives, net | Natural Gas
Derivatives, Fair Value [Line Items]
Net notional volume (energy measure)	3,195	2,880
Gain (Loss) on non-trading derivatives, net | Electricity
Derivatives, Fair Value [Line Items]
Net notional volume (energy measure) | MWh	1,804	1,845
(Loss) Gain on trading derivatives, net | Natural Gas
Derivatives, Fair Value [Line Items]
Net notional volume (energy measure)	1,202	102

Derivative Instruments - Gains

Derivative Instruments - Gains (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on derivatives, net	$ 31,798	$ 2,451	$ 57,726	$ (14,015)
Total current period settlements on derivatives	(5,660)	6,425	(6,050)	32,997
Gain (Loss) on non-trading derivatives, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on derivatives, net	32,262	2,550	58,214	(14,019)
Total current period settlements on derivatives	(5,660)	6,489	(6,054)	33,153
(Loss) Gain on trading derivatives, net | Various acquisitions
Derivative Instruments, Gain (Loss) [Line Items]
Total current period settlements on derivatives				(300)
(Loss) Gain on trading derivatives, net | Non-cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on derivatives, net	(464)	(99)	(488)	4
Total current period settlements on derivatives	$ 0	$ (64)	$ 4	$ (156)

Derivative Instruments - Offset

Derivative Instruments - Offsetting Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Total Derivative Assets
Offsetting Assets [Line Items]
Gross Assets	$ 59,827	$ 420
Gross Amounts Offset	(12,842)	(109)
Net Assets	46,985	311
Cash Collateral Offset	(1,677)	0
Net Amount Presented	45,308	311
Total Current Derivative Assets
Offsetting Assets [Line Items]
Gross Assets	58,484	420
Gross Amounts Offset	(12,589)	(109)
Net Assets	45,895	311
Cash Collateral Offset	(1,677)	0
Net Amount Presented	44,218	311
Non-trading commodity derivatives
Offsetting Assets [Line Items]
Gross Assets	57,181	308
Gross Amounts Offset	(11,972)	(105)
Net Assets	45,209	203
Cash Collateral Offset	(1,677)	0
Net Amount Presented	43,532	203
Trading commodity derivatives
Offsetting Assets [Line Items]
Gross Assets	1,303	112
Gross Amounts Offset	(617)	(4)
Net Assets	686	108
Cash Collateral Offset	0	0
Net Amount Presented	686	108
Total Non-current Derivative Assets
Offsetting Assets [Line Items]
Gross Assets	1,343	0
Gross Amounts Offset	(253)	0
Net Assets	1,090	0
Cash Collateral Offset	0	0
Net Amount Presented	1,090	0
Non-trading commodity derivatives
Offsetting Assets [Line Items]
Gross Assets	1,343	0
Gross Amounts Offset	(253)	0
Net Assets	1,090	0
Cash Collateral Offset	0	0
Net Amount Presented	1,090	0
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, 2021	Dec. 31, 2020
Total Derivative Liabilities
Offsetting Liabilities [Line Items]
Gross  Liabilities	$ (1,737)	$ (12,051)
Gross Amounts Offset	568	4,233
Net Liabilities	(1,169)	(7,818)
Cash Collateral Offset	0	86
Net Amount Presented	(1,169)	(7,732)
Total Current Derivative Liabilities
Offsetting Liabilities [Line Items]
Gross  Liabilities	(1,405)	(11,213)
Gross Amounts Offset	313	3,622
Net Liabilities	(1,092)	(7,591)
Cash Collateral Offset	0	86
Net Amount Presented	(1,092)	(7,505)
Non-trading commodity derivatives
Offsetting Liabilities [Line Items]
Gross  Liabilities	0	(11,139)
Gross Amounts Offset	0	3,620
Net Liabilities	0	(7,519)
Cash Collateral Offset	0	86
Net Amount Presented	0	(7,433)
Trading commodity derivatives
Offsetting Liabilities [Line Items]
Gross  Liabilities	(1,405)	(74)
Gross Amounts Offset	313	2
Net Liabilities	(1,092)	(72)
Cash Collateral Offset	0	0
Net Amount Presented	(1,092)	(72)
Total Non-current Derivative Assets
Offsetting Liabilities [Line Items]
Gross  Liabilities	(332)	(838)
Gross Amounts Offset	255	611
Net Liabilities	(77)	(227)
Cash Collateral Offset	0	0
Net Amount Presented	(77)	(227)
Non-trading commodity derivatives
Offsetting Liabilities [Line Items]
Gross  Liabilities	(332)	(838)
Gross Amounts Offset	255	611
Net Liabilities	(77)	(227)
Cash Collateral Offset	0	0
Net Amount Presented	(77)	(227)
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, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,362	$ 6,778
Accumulated depreciation	(2,844)	(3,424)
Property and equipment—net	4,518	3,354
Information technology
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,405	5,821
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	$ 957	$ 957
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 0.4	$ 0.4	$ 1.3	$ 1.6
Information technology
Property, Plant and Equipment [Line Items]
Costs associated with assets not yet placed into service	$ 0.4		$ 0.4		$ 0.7

Intangible Assets - Schedule of

Intangible Assets - Schedule of Goodwill, Customer Relationships and Trademarks (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 120,343	$ 120,343
Total	16,996
Customer relationships—Acquired
Finite-Lived Intangible Assets [Line Items]
Cost	58,688	58,688
Accumulated amortization	(50,985)	(44,175)
Total	7,703	14,513
Customer relationships—Other
Finite-Lived Intangible Assets [Line Items]
Cost	13,422	8,988
Accumulated amortization	(7,912)	(5,733)
Total	5,510	3,255
Trademarks
Finite-Lived Intangible Assets [Line Items]
Cost	7,040	7,570
Accumulated amortization	(3,257)	(2,972)
Total	$ 3,783	$ 4,598

Intangible Assets - Changes in

Intangible Assets - Changes in Goodwill, Customer Relationships and Trademarks (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
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	16,996
Customer Relationships— Acquired
Finite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	14,513
Additions	0
Adjustments	0
Amortization	(6,810)
Balance at end of period	7,703
Customer Relationships— Other
Finite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	3,255
Additions	4,524
Adjustments	(28)
Amortization	(2,241)
Balance at end of period	5,510
Trademarks
Finite-lived Intangible Assets [Roll Forward]
Balance at beginning of period	4,598
Additions	0
Adjustments	0
Amortization	(815)
Balance at end of period	$ 3,783

Intangible Assets - Estimated F

Intangible Assets - Estimated Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2021USD ($)
Year ending December 31,
2021 (remaining three months)	$ 3,640
2022	7,702
2023	2,113
2024	1,521
2025	404
> 5 years	1,616
Total	$ 16,996

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total long-term debt	$ 140,000	$ 100,000
Total debt	140,000	100,000
Senior Credit Facility
Debt Instrument [Line Items]
Total long-term debt	$ 130,000	$ 100,000
Weighted average interest rate	3.75%	3.75%
Letters of credit issued	$ 24,400	$ 31,000
Subordinated Debt
Debt Instrument [Line Items]
Total long-term debt	$ 10,000	$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	1 Months Ended		9 Months Ended
	Oct. 31, 2021	Jul. 31, 2020	Sep. 30, 2021	Dec. 31, 2020	Aug. 18, 2020
Debt Instrument [Line Items]
Outstanding under subordinated note			$ 140,000,000	$ 100,000,000
Common Class A
Debt Instrument [Line Items]
Share repurchase program, amount authorized					$ 20,000,000
Fifth Amendment to Senior Credit Facility
Debt Instrument [Line Items]
Acquisition loans to purchase price			75.00%
Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio			195.00%
Leverage ratio			159.00%
Senior secured leverage ratio			139.00%
Senior Secured Revolving Credit Facility | Common Class A
Debt Instrument [Line Items]
Repurchase, aggregate amount (in shares)			10,000,000
Senior Secured Revolving Credit Facility | Series A Preferred Stock
Debt Instrument [Line Items]
Share repurchase program, amount authorized			$ 92,700,000
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 | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Fixed charge coverage ratio			125.00%
Leverage ratio			250.00%
Senior secured leverage ratio			185.00%
Debt default, material judgment (in excess of)			$ 5,000,000
Subordinated Debt | Amended And Restated Subordinated Promissory Note
Debt Instrument [Line Items]
Outstanding under subordinated note			10,000,000	0
Subsequent Event | Subordinated Debt | Amended And Restated Subordinated Promissory Note
Debt Instrument [Line Items]
Face amount	$ 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
Revolving Credit Facility | Senior Credit Facility
Debt Instrument [Line Items]
Capitalized financing costs			900,000	1,600,000
Capitalized financing costs, other current			900,000	1,000,000
Capitalized financing costs, other non-current			0	$ 600,000
Line of credit facility, maximum borrowing capacity			$ 227,500,000
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%	4.50%
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%	3.50%
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%
Revolving Credit Facility | Senior Credit Facility | Fifth Amendment to Senior Credit Facility | Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate			4.00%
Revolving Credit Facility | Senior Credit Facility | Fifth Amendment to Senior Credit Facility | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			3.00%

Debt - Components of Interest E

Debt - Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Line of Credit Facility [Line Items]
Amortization of deferred financing costs	$ 275	$ 476	$ 792	$ 966
Interest Expense	1,298	1,487	4,161	4,233
Other
Line of Credit Facility [Line Items]
Senior Credit Facility	(6)	290	331	290
Senior Credit Facility | Senior Credit Facility
Line of Credit Facility [Line Items]
Senior Credit Facility	678	477	1,950	1,904
Letters of credit fees and commitment fees
Line of Credit Facility [Line Items]
Letters of credit fees and commitment fees	$ 351	$ 244	$ 1,088	$ 1,073

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Credit risk valuation adjustment	$ 400	$ 200
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	45,308	311
Total commodity derivative liabilities	(1,169)	(7,732)
Recurring | Non-trading commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	44,622	203
Total commodity derivative liabilities	(77)	(7,660)
Recurring | Trading commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	686	108
Total commodity derivative liabilities	(1,092)	(72)
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	1,107	104
Total commodity derivative liabilities	0	(5)
Recurring | Level 1 | Non-trading commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	1,079	104
Total commodity derivative liabilities	0	(5)
Recurring | Level 1 | Trading commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	28	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	44,201	207
Total commodity derivative liabilities	(1,169)	(7,727)
Recurring | Level 2 | Non-trading commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	43,543	99
Total commodity derivative liabilities	(77)	(7,655)
Recurring | Level 2 | Trading commodity derivative
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total commodity derivative assets	658	108
Total commodity derivative liabilities	(1,092)	(72)
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
Income tax rate	16.80%	18.50%	22.30%	17.60%
NuDevco Retail Holdings and NuDevco Retail
Related Party Transaction [Line Items]
Deferred tax assets	$ 17.3		$ 17.3
Net deferred tax asset	$ 15.6		$ 15.6

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Litigation and Regulatory Matters
Loss Contingencies [Line Items]
Contingent liabilities	$ 19.3	$ 26.6
Indirect Tax Audits
Loss Contingencies [Line Items]
Contingent liabilities	2.1	$ 1.2
Verde Energy USA, Inc.
Loss Contingencies [Line Items]
Damages penalty	1
Settlement	$ 0.1

Transactions with Affiliates -

Transactions with Affiliates - Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Assets
Accounts Receivable - affiliates	$ 3,406		$ 3,406		$ 5,053
Total Assets - affiliates	3,406		3,406		5,053
Liabilities
Accounts payable—affiliates	412		412		826
Subordinated debt—affiliates	10,000		10,000		0
Total Liabilities - affiliates	10,412		10,412		$ 826
Revenue NAO - affiliates	(288)	$ (558)	(542)	$ (319)
Affiliated Entity
Liabilities
Revenue NAO - affiliates	249	125	818	843
Cost of Revenue NAO - affiliates	0	5	5	241
Net NAO - affiliates	$ 249	$ 120	$ 813	$ 602

Transactions with Affiliates _2

Transactions with Affiliates - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Related Party Transaction [Line Items]
General and administrative expense	$ 9,719,000	$ 19,080,000	$ 33,053,000	$ 66,087,000
Affiliated Entity
Related Party Transaction [Line Items]
General and administrative expense	0	100,000	100,000	200,000
Affiliated Entity | Allocated Overhead Costs
Related Party Transaction [Line Items]
Affiliate expenses		500,000		500,000
Due from affiliates	(600,000)		(300,000)
Affiliated Entity | Subordinated Debt Facility
Related Party Transaction [Line Items]
Subordinated debt facility allows us to draw advances	1,000,000		$ 1,000,000
Subordinated debt, interest rate on advances			5.00%
NuDevco Retail Holdings and NuDevco Retail
Related Party Transaction [Line Items]
Distributions to affiliates	3,600,000	3,800,000	$ 11,200,000	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	$ 0	$ 5,900,000	$ 2,600,000	$ 12,100,000

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting [Abstract]
Asset optimization revenue	$ 9.6	$ 6.2	$ 43.1	$ 16.5
Asset optimization cost of revenues	$ 9.9	$ 6.8	$ 43.6	$ 16.8

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Income before income tax expense	$ 41,678	$ 27,747	$ 41,053	$ 72,190
Interest and other income	(63)	(80)	(228)	(293)
Interest expense	1,298	1,487	4,161	4,233
Operating income	42,913	29,154	44,986	76,130
Depreciation and amortization	5,049	7,278	16,498	24,084
General and administrative	9,719	19,080	33,053	66,087
Less:
Net asset optimization (expense) revenue	(288)	(558)	(542)	(319)
Net, gain (loss) on non-trading derivative instruments	31,798	2,451	57,726	(14,015)
Net, Cash settlements on non-trading derivative instruments			(6,050)	32,682
Non-recurring event - Winter Storm Uri	497	0	(64,403)	0
Retail Gross Margin	30,870	47,031	107,322	147,486
Gain (Loss) on non-trading derivatives, net
Less:
Net, gain (loss) on non-trading derivative instruments	32,262	2,550	58,214	(14,019)
Net, Cash settlements on non-trading derivative instruments	$ (5,660)	$ 6,489	$ (6,054)	$ 33,153

Segment Reporting - Financial D

Segment Reporting - Financial Data for Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Revenues	$ 97,979	$ 140,630	$ 293,179	$ 435,847
Retail cost of revenues	40,298	85,118	198,642	269,546
Less:
Net asset optimization (expense) revenue	(288)	(558)	(542)	(319)
Net, gain on non-trading derivative instruments	31,798	2,451	57,726	(14,015)
Current period settlements on non-trading derivatives	(5,660)	6,425	(6,050)	32,997
Non-recurring event - Winter Storm Uri	497	0	(64,403)	0
Retail Gross Margin	30,870	47,031	107,322	147,486
Total assets	392,482		392,482		$ 366,667
Goodwill	120,343		120,343		120,343
Gain (Loss) on non-trading derivatives, net
Less:
Net, gain on non-trading derivative instruments	32,262	2,550	58,214	(14,019)
Current period settlements on non-trading derivatives	(5,660)	6,489	(6,054)	33,153
Operating Segments | Retail Electricity
Segment Reporting Information [Line Items]
Total Revenues	92,104	132,958	242,548	366,981
Retail cost of revenues	41,035	82,061	179,762	241,712
Less:
Net asset optimization (expense) revenue	0	0	0	0
Net, gain on non-trading derivative instruments	27,558
Current period settlements on non-trading derivatives	(5,199)
Non-recurring event - Winter Storm Uri	497		(64,403)
Retail Gross Margin	28,213	42,762	80,478	109,141
Total assets	3,130,077		3,130,077		2,906,139
Goodwill	117,813		117,813		117,813
Operating Segments | Retail Electricity | Gain (Loss) on non-trading derivatives, net
Less:
Net, gain on non-trading derivative instruments	32,262	1,923	51,957	(14,416)
Current period settlements on non-trading derivatives	(5,660)	6,212	(5,246)	30,544
Operating Segments | Retail Natural Gas
Segment Reporting Information [Line Items]
Total Revenues	6,163	8,230	51,173	69,185
Retail cost of revenues	(737)	3,057	18,880	27,834
Less:
Net asset optimization (expense) revenue	0	0	0	0
Non-recurring event - Winter Storm Uri	0		0
Retail Gross Margin	2,657	4,269	26,844	38,345
Total assets	996,315		996,315		941,569
Goodwill	2,530		2,530		2,530
Operating Segments | Retail Natural Gas | Gain (Loss) on non-trading derivatives, net
Less:
Net, gain on non-trading derivative instruments	4,704	627	6,257	397
Current period settlements on non-trading derivatives	(461)	277	(808)	2,609
Corporate and Other
Segment Reporting Information [Line Items]
Total Revenues	(288)	(558)	(542)	(319)
Retail cost of revenues	0	0	0	0
Less:
Net asset optimization (expense) revenue	(288)	(558)	(542)	(319)
Non-recurring event - Winter Storm Uri	0		0
Retail Gross Margin	0	0	0	0
Total assets	332,666		332,666		318,865
Goodwill	0		0		0
Corporate and Other | Gain (Loss) on non-trading derivatives, net
Less:
Net, gain 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 (expense) revenue	0	0	0	0
Non-recurring event - Winter Storm Uri	0		0
Retail Gross Margin	0	0	0	0
Total assets	(4,066,576)		(4,066,576)		(3,799,906)
Goodwill	0		0		$ 0
Eliminations | Gain (Loss) on non-trading derivatives, net
Less:
Net, gain on non-trading derivative instruments	0	0	0	0
Current period settlements on non-trading derivatives	$ 0	$ 0	$ 0	$ 0

Customer Acquisitions (Details)

Customer Acquisitions (Details) - Residential Customer Equivalent $ in Millions	1 Months Ended		9 Months Ended
	Jul. 31, 2021kWh	May 31, 2021USD ($)kWh	Sep. 30, 2021USD ($)kWh
Asset Acquisition [Line Items]
Residential customer equivalents (kwh) | kWh	50,000		28,000
Payments to acquire assets			$ 1.5
Escrow deposit			8.7
Period of contingency	5 years
Customer Contracts
Asset Acquisition [Line Items]
Payments to acquire assets			4.5
Starion Energy Inc.
Asset Acquisition [Line Items]
Residential customer equivalents (kwh) | kWh		56,900
Payments to acquire assets		$ 11.5
Related holdbacks			3
Reduction in residential customer equivalents			$ 1.2

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event	Oct. 20, 2021$ / shares
Common Class A
Subsequent Event [Line Items]
Dividends declaration per share of common stock (in dollars per share)	$ 0.18125
Series A Preferred Stock
Subsequent Event [Line Items]
Dividends declaration per share of preferred stock (in dollars per share)	$ 0.546875