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Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Total revenues $ 212,963 $ 194,796 $ 437,129 $ 380,028
Cost of revenues:        
Total cost of revenues 151,577 145,306 296,933 254,469
Gross profit 61,386 49,490 140,196 125,559
Operating expenses:        
Research and development expenses 1,730 2,083 3,294 3,371
Selling and marketing expenses 4,167 5,369 9,293 9,317
General and administrative expenses 18,026 17,814 37,563 35,481
Write-off of long-lived assets 957 0 957 0
Write-off of unsuccessful exploration activities 1,379 0 1,379 0
Operating income 35,127 24,224 87,710 77,390
Other income (expense):        
Interest income 2,604 4,942 4,443 6,793
Interest expense, net (33,716) (24,393) (64,684) (48,024)
Derivatives and foreign currency transaction gains (losses) (332) (1,272) (1,914) (3,209)
Income attributable to sale of tax benefits 15,798 14,979 33,274 27,545
Other non-operating income, net 74 79 100 139
Income from operations before income tax and equity in earnings of investees 19,555 18,559 58,929 60,634
Income tax (provision) benefit 3,178 3,956 3,325 (4,929)
Equity in earnings of investees 1,232 1,996 2,061 2,267
Net income 23,965 24,511 64,315 57,972
Net income attributable to noncontrolling interest (1,722) (320) (3,485) (4,752)
Net income attributable to the Company's stockholders 22,243 24,191 60,830 53,220
Comprehensive income:        
Net income 23,965 24,511 64,315 57,972
Other comprehensive income (loss), net of related taxes:        
Change in foreign currency translation adjustments (266) 393 (2,429) (303)
Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of an unconsolidated investment that qualifies as a cash flow hedge 429 1,404 939 390
Other changes in comprehensive income (28) 14 25 28
Total other comprehensive income (loss), net of related taxes: (1,013) 4,288 (986) (2,811)
Comprehensive income 22,952 28,799 63,329 55,161
Comprehensive income attributable to noncontrolling interest (1,620) (569) (2,921) (4,611)
Comprehensive income attributable to the Company's stockholders $ 21,332 $ 28,230 $ 60,408 $ 50,550
Earnings per share attributable to the Company's stockholders:        
Earnings per share, basic (US Dollar per share) $ 0.37 $ 0.40 $ 1.01 $ 0.91
Earnings per share, diluted (US Dollar per share) $ 0.37 $ 0.40 $ 1.00 $ 0.90
Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:        
Weighted average number of shares used in computation of basic earnings per share 60,451,000 60,245,000 60,419,000 58,494,000
Weighted average number of shares used in computation of diluted earnings per share 60,755,000 60,634,000 60,655,000 58,901,000
Cross Currency Swap        
Other comprehensive income (loss), net of related taxes:        
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge $ (1,189) $ 2,477 $ (628) $ (2,926)
Interest rate swap        
Other comprehensive income (loss), net of related taxes:        
Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge 41 0 1,107 0
Electricity        
Revenues:        
Total revenues 166,226 155,324 357,479 325,634
Cost of revenues:        
Total cost of revenues 110,515 109,424 227,245 204,182
Product        
Revenues:        
Total revenues 37,829 33,458 62,661 43,500
Cost of revenues:        
Total cost of revenues 32,662 29,985 53,816 39,336
Energy Storage and Management Services        
Revenues:        
Total revenues 8,908 6,014 16,989 10,894
Cost of revenues:        
Total cost of revenues $ 8,400 $ 5,897 $ 15,872 $ 10,951