0001437749-23-021696.txt : 20230803 0001437749-23-021696.hdr.sgml : 20230803 20230802184626 ACCESSION NUMBER: 0001437749-23-021696 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20230802 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230803 DATE AS OF CHANGE: 20230802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORMAT TECHNOLOGIES, INC. CENTRAL INDEX KEY: 0001296445 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 880326081 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32347 FILM NUMBER: 231137502 BUSINESS ADDRESS: STREET 1: 6140 PLUMAS STREET CITY: RENO STATE: NV ZIP: 89519-6075 BUSINESS PHONE: 775-356-9029 MAIL ADDRESS: STREET 1: 6140 PLUMAS STREET CITY: RENO STATE: NV ZIP: 89519-6075 8-K 1 ora20230802_8k.htm FORM 8-K ora20230802_8k.htm
false 0001296445 0001296445 2023-08-02 2023-08-02
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549         
 
 
FORM 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 2, 2023 (August 2, 2023)
Ormat Technologies, Inc. 
 
 
(Exact Name of Registrant as Specified in Its Charter)
 
Delaware
001-32347
No. 88-0326081
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
6140 Plumas Street, Reno, Nevada
  
89519-6075
(Address of Principal Executive Offices)
  
(Zip Code)
(775) 356-9029
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Exchange Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares
ORA
NYSE
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐
 
 
 
 
 
Item 2.02. Results of Operations and Financial Condition.
 
On August 2, 2023 Ormat Technologies, Inc. (the “Registrant”) reported its earnings for its second fiscal quarter ended June 30, 2023. A copy of the Registrant's press release containing this information is furnished as Exhibit 99.1 to this report on Form 8-K and is incorporated herein by reference.
 
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
 
The Registrant is making reference to non-GAAP financial measures in the press release. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.
 
 
Item 9.01.     Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Description of Document
 
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
ORMAT TECHNOLOGIES, INC.
  
       
 
By:
/s /Doron Blachar
  
 
Name:    Doron Blachar
  
 
Title:      Chief Executive Officer
  
       
 
Date: August 2, 2023
 
 
 EX-99.1 2 ex_554004.htm EXHIBIT 99.1 ex_554004.htm

Exhibit 99.1

 

 a01.jpg

 

Ormat Technologies Contact:
Smadar Lavi
VP Head of IR and ESG Planning & Reporting
775-356-9029 (ext. 65726)

  

Investor Relations Agency Contact:
Alec Steinberg or Joseph Caminiti
Alpha IR Group
312-445-2870
ORA@alpha-ir.com

 

 

ORMAT TECHNOLOGIES REPORTS SECOND QUARTER 2023 FINANCIAL RESULTS

 

STRATEGIC PORTFOLIO GROWTH AND CAPACITY ADDITIONS DRIVE SUBSTANTIAL INCREASE IN NET INCOME

 

NEW TARGET INCREASED TO 1.9 GW - 2.0 GW BY YEAR END 2025, DRIVEN BY SUCCESSFUL EXPANSION EFFORTS

 

HIGHLIGHTS

 

 

●

TOTAL REVENUES FOR THE SECOND QUARTER INCREASED BY 15.2% YEAR-OVER-YEAR, DRIVEN PRIMARILY BY ROBUST GROWTH IN THE PRODUCT SEGMENT

 

 

●

COMPANY REITERATES ITS FULL YEAR REVENUE AND EBITDA GUIDANCE, DEMONSTRATING STRONG EXECUTION AND CONFIDENCE IN THE BUSINESS'S OUTLOOK

 

 

RENO, Nev. August 3, 2023, Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today announced financial results for the second quarter ended June 30, 2023.

 

KEY FINANCIAL RESULTS

 

   

Q2 2023

    

Q2 2022

    

Change

(%)

    

H1 2023

    

H1 2022

    

Change

(%)

  

GAAP Measures

                                                

Revenues ($ millions)

                                                

Electricity

     155.3       151.2       2.7 %     325.6       313.7       3.8 %

Product

     33.5       10.4       222.0 %     43.5       25.0       73.9 %

Energy Storage

     6.0       7.5       (19.7) %     10.9       14.1       (22.5) %

Total Revenues

     194.8       169.1       15.2 %     380.0       352.8       7.7 %
                                                 

Gross margin (%)

                                                

Electricity

     29.6 %     36.8 %             37.3 %     39.4 %        

Product

     10.4 %     0.2 %             9.6 %     4.2 %        

Energy Storage

     1.9 %     25.3 %             (0.5) %     19.8 %        

Gross margin (%)

     25.4 %     34.1 %             33.0 %     36.1 %        
                                                 

Operating income ($ millions)

     24.2       38.6       (37.3) %     77.4       83.7       (7.5) %

Net income attributable to the Company’s stockholders

     24.2       11.3       114.8 %     53.2       29.7       79.3 %

Diluted EPS ($)

     0.40       0.20       100 %     0.90       0.53       69.8 %
                                                 

Non-GAAP Measures

                                                

Adjusted Net income attributable to the Company’s stockholders

     24.2       12.2       98.9 %     53.2       32.0       66.4 %

Adjusted Diluted EPS ($)

     0.40       0.22       80.4 %     0.90       0.57       57.7 %

Adjusted EBITDA1 ($ millions)

     100.9       100.7       0.2 %     224.4       208.5       7.6 %

 

 
 

 

“We are pleased to announce another solid quarter marked by 15.2% revenue growth and 114.8% increase in net income year-over-year,” said Doron Blachar, Ormat’s Chief Executive Officer. “During the second quarter, we made significant progress in expanding our operations across our segments, adding approximately 100 MW of total capacity in geothermal, solar, and storage assets throughout the quarter. Additionally, we are encouraged by the initial outcome of our recent drilling campaigns in Olkaria and Puna and we are expecting an increase in generation by year-end at both power plants. Our Products segment has displayed a notable recovery in revenues, reflecting our ability to deliver into positive market trends.”

 

Blachar continued, "In the Electricity segment, we successfully commenced construction of a 50MW geothermal project in New Zealand, in addition to the 10MW expansion of our Bouillant power plant in Guadeloupe following significant progress in PPA discussions. In our Storage segment, we started construction on three battery storage facilities, the 35MW/140MWh Arrowleaf project in California and two projects in Texas with a combined capacity of 120MW/240MWh. Each of these projects are expected to be operational by the end of 2025, allowing us to take advantage of the recent decline in battery prices. Given the momentum of these successful expansion efforts, we are excited to increase our year-end 2025 growth target from an initial range of 1.8 GW- 1.86 GW to 1.9 GW - 2.0 GW.”

 

“Looking ahead, we are witnessing increasing demand globally for geothermal energy, but specifically in the US where PPA prices continue to rise. Ormat is well-positioned to capture the growth opportunities in the renewable energy sector, and the strategic actions we have taken will continue to strengthen our position," stated Blachar. “As we move into the second half of the year, we anticipate further value accretion from the provisions of the Inflation Reduction Act (IRA), especially through ITCs and PTCs. These associated tax credits will drive net income and earnings growth going forward.”

 

 

FINANCIAL AND RECENT BUSINESS HIGHLIGHTS

 

 

•

Net income attributable to the Company's stockholders and diluted EPS for the second quarter of 2023 increased 114.8% and 100%, respectively, versus the prior year period. The increase in EPS was driven by higher revenues in the Electricity and Product segments, as well as higher benefits within the IRA including PTC benefits recorded under Income attributable to sale of tax benefits and ITC benefits recorded under income tax provision.

 

 

•

Adjusted EBITDA for the second quarter of 2023 was $100.9 million, compared to $100.7 million in 2022, supported by revenue growth in the Electricity and Product segments and improved Product segment margins, offset by lower margins in the Electricity segment due to lower pricing and lower generation at Puna.

 

 

1 Reconciliation is set forth below in this release.

 

 
 

 

 

•

Electricity segment revenues increased 2.7% for the second quarter of 2023, compared to 2022, driven by focused execution against our strategic plan, supported by the addition of the North Valley and the upgrade of Dixie Valley, offset by lower generation and lower prices at the Puna power plant.

 

 

•

Gross margin in the Electricity segment decreased from 36.8% to 29.6% primarily due to a $5.4 million reduction in Puna’s revenues as well as a $3.4 million of BI insurance proceeds received in Q2 2022 related to the Heber 1 fire event with no associated revenues.

 

 

•

Product segment revenues increased 222.0% for the second quarter of 2023, compared to 2022, supported by a higher backlog and timing of recognized revenues.

 

 

•

Product segment backlog stands at approximately $120.0 million as of August 02, 2023.

 

 

•

Energy Storage segment revenues decreased by 19.7% for the second quarter of 2023, compared to 2022, primarily due to lower energy rates at the PJM compared to the strong commodity price-driven rates in last year’s second quarter. The majority of the assets added during the quarter started commercial operation toward the end of the quarter and are expected to increase their contribution in the second half of the year.

 

 

•

Income attributable to sale of tax benefits increased by 57.2% quarter over quarter due to $2.7 million of transferable PTCs recorded related to the new geothermal projects operated in the second quarter 2023 and $2.7 million mainly related to the CD4 tax equity transaction.

 

 

•

In addition, the Company:

 

 

◦

Signed an agreement with Eastland Generation Limited (EGL) to build a 50MW power plant in New Zealand. Under the terms of the agreement, the Company will design, build, commission and own the power plant. EGL will operate and maintain the power plant under a separate services arrangement and also purchase 100% of the plant’s generation under a fixed price Power Purchase Agreement (PPA).

 

 

◦

Commenced commercial operations at four battery storage facilities for 62MW/62MWh of combined capacity, with these projects becoming eligible for ITCs which will allow the Company to reduce its income taxes and significantly improve the economics of these projects.

 

 

◦

Completed a 6MW upgrade of the Dixie Valley and the 25MW North Valley project in Nevada.

 

 

◦

Subsequent to quarter end:

 

 

▪

The Company and San Diego Community Power (SDCP) signed an agreement for the Arrowleaf Solar and Storage facility to bring clean and renewable energy to the nearly 1 million customers of SDCP.

 

 

▪

Commenced commercial operation of the 20MW/40MWh Pomona 2 storage facility in California.

 

 
 

 

2023 GUIDANCE

 

 

•

Total revenues of between $823.0 million and $858.0 million.

 

 

•

Electricity segment revenues between $670.0 million and $685.0 million.

 

 

•

Product segment revenues of between $120.0 million and $135.0 million.

 

 

•

Energy Storage revenues of between $33.0 million and $38.0 million.

 

 

•

Adjusted EBITDA to be between $480.0 million and $510.0 million.

 

 

◦

Adjusted EBITDA attributable to minority interest of approximately $31.0 million.

 

 

The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three and six months ended June 30, 2023, and 2022. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts, due to high variability and complexity with respect to estimating certain forward-looking amounts. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

 

DIVIDEND

 

On August 2, 2023, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on August 30, 2023, to stockholders of record as of the close of business on August 16, 2023. In addition, the Company expects to pay a quarterly dividend of $0.12 per share in the next quarter.

 

CONFERENCE CALL DETAILS

 

Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, August 3, 2023, at 10:00 a.m. ET.

 

Participants within the United States and Canada, please dial 1-888-770-2286, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. Access code for the call is 9122486. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be accompanied by a webcast live on the Investor Relations section of the Company's website.

 

A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-800-770-2030. From outside of the United States and Canada, please dial +1-647-362-9199. Please use the replay access code 9122486. The webcast will also be archived on the Investor Relations section of the Company's website.

 

 
 

 

ABOUT ORMAT TECHNOLOGIES

 

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,200 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,277 MW with a 1,107 MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 170 MW energy storage portfolio that is located in the U.S.

 

 

ORMAT’S SAFE HARBOR STATEMENT

 

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under "Risk Factors" as described in Ormat’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 24, 2023, and in Ormat’s subsequent quarterly reports on Form 10-Q that are filed from time to time with the SEC.

 

These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

 

 
 

 

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

Condensed Consolidated Statement of Operations

For the Three and Six-Month periods Ended June 30, 2023, and 2022

 

   

Three Months Ended June 30,

    

Six Months Ended June 30,

  
   

2023

    

2022

    

2023

    

2022

  
   

(Dollars in thousands, except per share data)

  

Revenues:

                                

Electricity

     155,324       151,195       325,634       313,720  

Product

     33,458       10,392       43,500       25,020  

Energy storage

     6,014       7,491       10,894       14,048  

Total revenues

     194,796       169,078       380,028       352,788  

Cost of revenues:

                                

Electricity

     109,424       95,517       204,182       190,038  

Product

     29,985       10,367       39,336       23,980  

Energy storage

     5,897       5,593       10,951       11,264  

Total cost of revenues

     145,306       111,477       254,469       225,282  

Gross profit

     49,490       57,601       125,559       127,506  

Operating expenses:

                                

Research and development expenses

     2,083       1,388       3,371       2,452  

Selling and marketing expenses

     5,369       3,952       9,317       8,317  

General and administrative expenses

     17,814       13,526       35,481       31,098  

Impairment charge

     —       128       —       1,954  

Operating income

     24,224       38,607       77,390       83,685  

Other income (expense):

                                

Interest income

     4,942       179       6,793       521  

Interest expense, net

     (24,393 )     (20,418 )     (48,024 )     (41,499 )

Derivatives and foreign currency transaction gains (losses)

     (1,272 )     (3,998 )     (3,209 )     (3,738 )

Income attributable to sale of tax benefits

     14,979       9,527       27,545       17,232  

Other non-operating income (expense), net

     79       (1,260 )     139       (1,185 )

Income from operations before income tax and equity in earnings (losses) of investees

     18,559       22,637       60,634       55,016  

Income tax (provision) benefit

     3,956       (6,130 )     (4,929 )     (16,293 )

Equity in earnings (losses) of investees, net

     1,996       (1,562 )     2,267       (985 )

Net income

     24,511       14,945       57,972       37,738  

Net income attributable to noncontrolling interest

     (320 )     (3,685 )     (4,752 )     (8,048 )

Net income attributable to the Company's stockholders

     24,191       11,260       53,220       29,690  

Earnings per share attributable to the Company's stockholders:

                                

Basic:

     0.40       0.20       0.91       0.53  

Diluted:

     0.40       0.20       0.90       0.53  

Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:

                                

Basic

     60,245       56,114       58,494       56,089  

Diluted

     60,634       56,498       58,901       56,431  

 

 
 

 

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

Condensed Consolidated Balance Sheet

For the Periods Ended June 30, 2023, and December 31, 2022

 

   

June 30, 2023

    

December 31, 2022

  

ASSETS

  

Current assets:

                

Cash and cash equivalents

     275,066       95,872  

Restricted cash and cash equivalents

     120,316       130,804  

Receivables:

                

Trade

     148,060       128,818  

Other

     35,525       32,415  

Inventories

     37,900       22,832  

Costs and estimated earnings in excess of billings on uncompleted contracts

     21,786       16,405  

Prepaid expenses and other

     47,328       29,571  

Total current assets

     685,981       456,717  

Investment in unconsolidated companies

     126,451       115,693  

Deposits and other

     41,991       39,762  

Deferred income taxes

     166,477       161,365  

Property, plant and equipment, net

     2,836,003       2,493,457  

Construction-in-process

     714,850       893,198  

Operating leases right of use

     23,223       23,411  

Finance leases right of use

     4,365       3,806  

Intangible assets, net

     320,847       333,845  

Goodwill

     90,456       90,325  

Total assets

     5,010,644       4,611,579  
                 

LIABILITIES AND EQUITY

  

Current liabilities:

                

Accounts payable and accrued expenses

     174,715       149,423  

Billings in excess of costs and estimated earnings on uncompleted contracts

     18,651       8,785  

Current portion of long-term debt:

                

Limited and non-recourse (primarily related to VIEs):

     59,938       64,044  

Full recourse

     110,070       101,460  

Financing Liability

     15,454       16,270  

Operating lease liabilities

     2,703       2,347  

Finance lease liabilities

     1,678       1,581  

Total current liabilities

     383,209       343,910  

Long-term debt, net of current portion:

                

Limited and non-recourse:

     484,078       521,885  

Full recourse:

     691,934       676,512  

Convertible senior notes

     421,957       420,805  

Financing liability

     220,603       225,759  

Operating lease liabilities

     19,748       19,788  

Finance lease liabilities

     2,881       2,262  

Liability associated with sale of tax benefits

     150,212       166,259  

Deferred income taxes

     74,655       83,465  

Liability for unrecognized tax benefits

     6,684       6,559  

Liabilities for severance pay

     12,083       12,833  

Asset retirement obligation

     102,190       97,660  

Other long-term liabilities

     23,360       3,317  

Total liabilities

     2,593,594       2,581,014  
                 

Commitments and contingencies

                

Redeemable noncontrolling interest

     10,008       9,590  
                 

Equity:

                

The Company's stockholders' equity:

                

Common stock

     60       56  

Additional paid-in capital

     1,609,298       1,259,072  

Treasury stock, at cost

     (17,964 )     (17,964 )

Retained earnings

     663,166       623,907  

Accumulated other comprehensive income (loss)

     (170 )     2,500  

Total stockholders' equity attributable to Company's stockholders

     2,254,390       1,867,571  

Noncontrolling interest

     152,652       153,404  

Total equity

     2,407,042       2,020,975  

Total liabilities, redeemable noncontrolling interest and equity

     5,010,644       4,611,579  

 

 

 
 

 

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

Reconciliation of EBITDA and Adjusted EBITDA

For the Three- and Six-Month Periods Ended June 30, 2023, and 2022

 

We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives, (ii) stock-based compensation, (iii) merger and acquisition transaction costs, (iv) gain or loss from extinguishment of liabilities, (v) cost related to a settlement agreement, (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration activities; and (viii) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor’s ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

 

Starting in the fourth quarter of 2022, we include accretion expenses related to asset retirement obligation in the adjustments to net income when calculating EBITDA and adjusted EBITDA. The presentation of EBITDA and adjusted EBITDA includes accretion expenses for the three and six months ended June 30, 2023, however, the prior year has not been recast to include accretion expenses as the amounts were immaterial.

 

The following table reconciles net income to EBITDA and Adjusted EBITDA for the three-and-six-month periods ended June 30, 2023, and 2022:

 

 

   

Three Months Ended June 30,

    

Six Months ended June 30, 2022

  
   

2023

    

2022

    

2023

    

2022

  
   

(Dollars in thousands)

    

(Dollars in thousands)

  

Net income

     24,511       14,945       57,972       37,738  

Adjusted for:

                                

Interest expense, net (including amortization of deferred financing costs)

     19,451       20,239       41,231       40,978  

Income tax provision (benefit)

     (3,956 )     6,130       4,929       16,293  

Adjustment to investment in an unconsolidated company: our proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen

     4,050       4,167       7,032       6,291  

Depreciation and amortization

     52,939       47,334       105,335       94,103  

EBITDA

     96,995       92,815       216,499       195,403  

Mark-to-market gains or losses from accounting for derivative

     (402 )     3,634       591       3,911  

Stock-based compensation

     4,311       2,999       7,301       5,813  

Make-whole premium related to long-term debt prepayment

     —       1,102       —       1,102  

Write-off related to Storage projects and activity

     —       128       —       1,953  

Allowance for bad debt

     —       —       —       115  

Merger and acquisition transaction costs

     —       —       —       249  

Adjusted EBITDA

     100,904       100,678       224,391       208,546  

 

 
 

 

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

Reconciliation of Adjusted Net Income attributable to the Company's stockholders and Adjusted EPS

For the Three and Six-month Periods Ended June 30, 2023, and 2022

 

 

Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributable to the Company’s stockholders and Adjusted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.

 

The following tables reconciles Net income attributable to the Company’s stockholders and Adjusted EPS for the three-month periods ended June 30, 2023, and 2022.

 

   

Three Months Ended

June 30,

   

Six Months Ended

June 30,

 
   

2023

    

2022

    

2023

    

2022

  

(in millions, except for EPS)

                                

GAAP Net income attributable to the Company's stockholders

   $ 24.2     $ 11.3     $ 53.2     $ 29.7  

Write-off of Energy Storage projects and assets

     —       0.1       —       1.5  

Make-whole premium related to repayment of long-term debt

     —       0.8       —       0.8  
                                 

Adjusted Net income attributable to the Company's stockholders

   $ 24.2     $ 12.2     $ 53.2     $ 32.0  
                                 
                                 
                                 
                                 

GAAP diluted EPS

     0.40       0.20       0.90       0.53  

Write-off of Energy Storage projects and assets

     —       0.0       —       0.03  

Make-whole premium related to repayment of long-term debt

     —       0.02       —       0.01  
                                 

Adjusted Diluted EPS

     0.40       0.22       0.90       0.57  

 

 
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Document And Entity Information
Aug. 02, 2023
Document Information [Line Items]  
Entity, Registrant Name Ormat Technologies, Inc.
Document, Type 8-K
Document, Period End Date Aug. 02, 2023
Entity, Incorporation, State or Country Code DE
Entity, File Number 001-32347
Entity, Tax Identification Number 88-0326081
Entity, Address, Address Line One 6140 Plumas Street
Entity, Address, City or Town Reno
Entity, Address, State or Province NV
Entity, Address, Postal Zip Code 89519-6075
City Area Code 775
Local Phone Number 356-9029
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Shares
Trading Symbol ORA
Security Exchange Name NYSE
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001296445
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