Total Revenues increase 16.1% to a
quarterly record of $162.9 million; Adjusted
EBITDA increased 14.3% to a quarterly record of $79.0
million; Company Increases Full-Year 2015
Total Revenue and Adjusted EBITDA Guidance
Ormat Technologies, Inc. (NYSE:ORA) today announced financial
results for the third quarter ended September 30, 2015.
Third Quarter Highlights and Recent
Developments:
- Total revenues increased 16.1% to a quarterly record of $162.9
million, compared to $140.2 million in the third quarter of
2014;
- Product segment revenues increased 73.9% to $65.6 million,
compared to $37.7 million in the third quarter of 2014;
- Electricity revenues of $97.2 million, compared to $102.5
million in the third quarter of 2014; reduction is mainly due
to lower oil and natural gas prices offset by higher generation
from new projects that came online;
- The Company recorded income tax benefit that includes deferred
tax asset and related expenses of $48.7 million relating to a new
tax law in Kenya which extended the period of utilizing investment
deductions for the Olkaria 3 power plant from five years to 10
years;
- Total book equity exceeded $1 billion;
- Net income attributable to the company's shareholders of $72.1
million or $1.41 per diluted share; excluding the deferred tax
asset and related expenses, net income was $23.4 million or $0.46
per diluted share compares to $16.5 million or $0.36 per diluted
share in the third quarter of 2014;
- Adjusted EBITDA increased 14.3% to a quarterly record of $79.0
million, compared to $69.1 million in the third quarter of
2014;
- Declared a quarterly dividend of $0.06 per share for the third
quarter of 2015;
- Began commercial operation of Don A. Campbell Phase 2
geothermal power plant in Nevada ahead of schedule; and
- Signed a collaboration agreement with Toshiba Corporation to
develop strategic opportunities for collaboration in the areas of
geothermal power generation systems and related equipment.
Isaac Angel, chief executive officer of Ormat,
stated, “This was a very strong quarter for Ormat, as our balanced
business model enabled us to deliver 16% revenue growth and a 14%
improvement in Adjusted EBITDA, overcoming headwinds related to oil
and natural gas prices impacting our electricity segment. Our
Product Segment delivered another strong quarter as we benefited
from new contracts, including the EPC contract related to a
geothermal project in Chile as well as progress in the Sarulla
project in Indonesia.
During the quarter our Don A. Campbell Phase 2
plant reached commercial operation, just 10 months after we broke
ground and six months ahead of schedule, doubling the generating
capacity of the geothermal complex. This expansion, along with the
contribution of our McGinness Hills power plant, drove a 10%
increase in power generation. We continue to improve construction
lead time and expect an earlier completion of plant 4 at the
Olkaria 3 complex, which was initially expected in mid-2016 and
currently planned to be completed in the first quarter of
2016.”
“We recently announced our collaboration
agreement with Toshiba, the world’s leading supplier of geothermal
steam turbines, to develop strategic opportunities for
collaboration in the areas of geothermal power generation systems
and related equipment,” continued Mr. Angel. “We view this
agreement as the next major step in our stated goal to expand our
presence in the geothermal space and ultimately target the larger
renewable energy market. This collaboration will expand our
addressable market, create incremental growth opportunities and
further strengthen our leadership position.”
Guidance
Mr. Angel added, “We increase and narrow the
range of our 2015 total revenue guidance and increase the adjusted
EBITDA guidance. We expect total revenue of between $570.0 million
and 585.0 million, though the composition to be more heavily
weighted towards our product segment. We expect to see stronger
performance of our product segment and expect revenue to be between
$195.0 million and $205.0 million. For the electricity segment, we
expect revenues to be between $375.0 million and $380.0 million.
The Electricity segment revenue guidance assumes the continued
impact of low oil and natural gas prices, which translates to
approximately $28 million reduction in revenues compared to last
year. We expect 2015 Adjusted EBITDA guidance of $282.0 to $292.0
million for the full year, which is also impacted by current oil
and natural gas prices. We expect annual adjusted EBITDA
attributable to minority’s interest to be approximately $13.0
million.”
Third Quarter Financial
Summary
Total revenues for the three months ended
September 30, 2015 were $162.9 million, an increase of 16.1%
compared to $140.2 million for the three months ended September 30,
2014. Electricity revenues were $97.2 million for the quarter
compared to $102.5 million in the third quarter last year, with the
decrease primarily related to lower oil and gas prices. Product
revenues increased 73.9% to $65.6 million for the third quarter of
2015, from $37.7 million in the third quarter last year.
The decrease in the Electricity segment revenue
was primarily attributable to lower energy rates under some of the
PPAs that are impacted by oil and natural gas prices and a
reduction in net gain on derivative contracts on oil and natural
gas prices from $4.0 million in the three months ended September
30, 2014 to $0.4 million in the three months ended September 30,
2015. The decrease was partially offset by operations of the second
phase of the McGinness Hills power plant in Nevada, which commenced
commercial operation in February 2015 and drove overall generation
increase to 10.0% quarter over quarter.
Income tax benefit for the three months ended September 30, 2015
was $38.2 million, compared to income tax provision of $6.4 million
for the three months ended September 30, 2014. Income tax benefit
for the three months ended September 30, 2015, includes a $48.7
million deferred tax asset and related expenses relating to the
release of the valuation allowance for the additional 50%
investment deduction for our Olkaria 3 power plant in Kenya based
on amendments to the Kenya Income Tax Act that came into effect on
September 11, 2015 and which extended the period to utilize such
investment deduction from five years to ten years.
Ormat reported net income attributable to the
company’s shareholders of $72.1 million, inclusive of the above
deferred tax asset and related expenses, or $1.41 per diluted share
in the third quarter of 2015 compared to $16.5 million or $0.36 per
diluted share for the third quarter of 2014. Excluding the deferred
tax asset and related expenses, net income attributable to the
company’s shareholders was $23.4 million or $0.46 per diluted share
compared to $16.5 million or $0.36 per diluted share in the third
quarter of 2014.
Adjusted EBITDA for the three months ended
September 30, 2015 was $79.0 million, compared to $69.1 million for
the three months ended September 30, 2014 an increase of 14.3%. The
reconciliation of GAAP net cash provided by operating activities
and net income to EBITDA and Adjusted EBITDA and additional cash
flow information is set forth below in this release.
On November 3, 2015, ORMAT’s Board of Directors
approved a payment of a quarterly dividend of $0.06 per share. The
dividend will be paid on December 2, 2015 to shareholders of record
as of the close of business on November 18, 2015.
Webcast Conference Details
Ormat will host a listen-only webcast to discuss
its financial results and other matters discussed in this press
release at 10 a.m. ET on Wednesday, November 4, 2015. The
live, listen-only webcast will be available at www.ormat.com.
During the webcast, management will refer to slides that will be
posted on the website. The slides and accompanying webcast can be
accessed through the Events & Presentations in the Investor
Relations section of Ormat's website.
An archive of the webcast will be made available
on the website under Events & Presentations in the Investor
Relations tab.
Participant Telephone
Numbers
Participant Dial In (Toll
Free): |
1-877-511-6790 |
Participant International Dial
In: |
1-412-902-4141 |
Canada Toll Free |
1-855-669-9657 |
|
Please ask
to be joined into the Ormat Technologies, Inc.
call. |
|
CONFERENCE REPLAY
US Toll Free: |
1-877-344-7529 |
International Toll: |
1-412-317-0088 |
Replay Access Code: |
10074547 |
|
|
About Ormat Technologies
With over five decades of experience, Ormat
Technologies, Inc. is a leading geothermal company and the only
vertically integrated company solely engaged in geothermal and
recovered energy generation (REG), with the objective of becoming a
leading global provider of renewable energy. 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. With 69 U.S. patents, Ormat’s power
solutions have been refined and perfected under the most grueling
environmental conditions. Ormat has 470 employees in the United
States and over 600 overseas. Ormat’s flexible, modular solutions
for geothermal power and REG are ideal for the vast range of
resource characteristics. The company has engineered, manufactured
and constructed power plants, which it currently owns or has
installed to utilities and developers worldwide, totaling over
2,000 MW of gross capacity. Ormat’s current 666 MW generating
portfolio is spread globally in the U.S., Guatemala and Kenya.
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. 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. Actual
future results may differ materially from those projected as a
result of certain risks and uncertainties. For a discussion of such
risks and uncertainties, see "Risk Factors" as described in Ormat
Technologies, Inc.'s Annual Report on Form 10-K filed with the
Securities and Exchange Commission on February 26, 2015.
These forward-looking statements are made only
as of the date hereof, and 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 SubsidiariesCondensed
Consolidated Statements of OperationsFor the Nine
and Three-Month Period Ended September 30, 2015 and
2014(Unaudited)
|
Three Months Ended September
30 |
|
Nine Months Ended September
30 |
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share
data) |
|
(In thousands, except per share
data) |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Electricity |
$ |
|
97,245 |
|
|
$ |
|
102,506 |
|
|
$ |
|
278,124 |
|
|
$ |
|
289,015 |
|
Product |
|
|
65,607 |
|
|
|
|
37,736 |
|
|
|
|
145,446 |
|
|
|
|
121,266 |
|
Total revenues |
|
|
162,852 |
|
|
|
|
140,242 |
|
|
|
|
423,570 |
|
|
|
|
410,281 |
|
Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
Electricity |
|
|
61,501 |
|
|
|
|
61,727 |
|
|
|
|
179,604 |
|
|
|
|
186,083 |
|
Product |
|
|
42,019 |
|
|
|
|
23,040 |
|
|
|
|
89,826 |
|
|
|
|
75,307 |
|
Total cost of revenues |
|
|
103,520 |
|
|
|
|
84,767 |
|
|
|
|
269,430 |
|
|
|
|
261,390 |
|
Gross margin |
|
|
59,332 |
|
|
|
|
55,475 |
|
|
|
|
154,140 |
|
|
|
|
148,891 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses
(income) |
|
|
335 |
|
|
|
|
250 |
|
|
|
|
1,112 |
|
|
|
|
395 |
|
Selling and marketing expenses |
|
|
4,383 |
|
|
|
|
4,258 |
|
|
|
|
12,099 |
|
|
|
|
10,853 |
|
General and administrative
expenses |
|
|
7,950 |
|
|
|
|
7,179 |
|
|
|
|
25,597 |
|
|
|
|
20,847 |
|
Write-off of unsuccessful
exploration activities |
|
|
185 |
|
|
|
|
— |
|
|
|
|
359 |
|
|
|
|
8,107 |
|
Operating income |
|
|
46,479 |
|
|
|
|
43,788 |
|
|
|
|
114,973 |
|
|
|
|
108,689 |
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
53 |
|
|
|
|
35 |
|
|
|
|
106 |
|
|
|
|
236 |
|
Interest expense, net |
|
|
(17,748 |
) |
|
|
|
(22,494 |
) |
|
|
|
(54,435 |
) |
|
|
|
(65,084 |
) |
Foreign currency translation and
transaction gains (losses) |
|
|
1,296 |
|
|
|
|
(2,946 |
) |
|
|
|
(641 |
) |
|
|
|
(3,639 |
) |
Income attributable to sale of tax
benefits |
|
|
8,634 |
|
|
|
|
5,487 |
|
|
|
|
18,917 |
|
|
|
|
18,334 |
|
Gain from sale of property, plant
and equipment |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
7,628 |
|
Other non-operating income
(expense), net |
|
|
(131 |
) |
|
|
|
243 |
|
|
|
|
(1,523 |
) |
|
|
|
649 |
|
Income before income taxes and
equity in |
|
|
|
|
|
|
|
|
|
|
|
losses of investees |
|
|
38,583 |
|
|
|
|
24,113 |
|
|
|
|
77,397 |
|
|
|
|
66,813 |
|
Income tax
provision |
|
|
38,211 |
|
|
|
|
(6,444 |
) |
|
|
|
26,696 |
|
|
|
|
(17,731 |
) |
Equity in losses of
investees, net |
|
|
(3,133 |
) |
|
|
|
(899 |
) |
|
|
|
(4,892 |
) |
|
|
|
(1,210 |
) |
Net income |
|
|
73,661 |
|
|
|
|
16,770 |
|
|
|
|
99,201 |
|
|
|
|
47,872 |
|
Net income attributable to
noncontrolling interest |
|
|
(1,522 |
) |
|
|
|
(256 |
) |
|
|
|
(2,616 |
) |
|
|
|
(670 |
) |
Net income attributable to the
Company's stockholders |
$ |
|
72,139 |
|
|
$ |
|
16,514 |
|
|
$ |
|
96,585 |
|
|
$ |
|
47,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to the Company's stockholders - Basic and
diluted: |
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) |
$ |
|
1.47 |
|
|
$ |
|
0.36 |
|
|
$ |
|
2.00 |
|
|
$ |
|
1.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
|
1.41 |
|
|
$ |
|
0.36 |
|
|
$ |
|
1.93 |
|
|
$ |
|
1.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in computation of earnings per
share attributable to the Company's stockholders: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
49,023 |
|
|
|
|
45,690 |
|
|
|
|
48,388 |
|
|
|
|
45,594 |
|
Diluted |
|
|
51,113 |
|
|
|
|
46,102 |
|
|
|
|
50,011 |
|
|
|
|
45,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ormat Technologies, Inc. and
Subsidiaries Condensed Consolidated Balance
Sheets As of September 30, 2015 and December
31, 2014 (Unaudited)
|
|
September 30, |
|
December 31, |
|
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
(In thousands) |
ASSETS |
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
|
171,541 |
|
|
$ |
|
40,230 |
|
Restricted cash, cash equivalents
and marketable securities |
|
|
|
70,523 |
|
|
|
|
93,248 |
|
Receivables: |
|
|
|
|
|
|
Trade |
|
|
|
52,313 |
|
|
|
|
48,609 |
|
Related entity |
|
|
|
— |
|
|
|
|
451 |
|
Other |
|
|
|
9,946 |
|
|
|
|
10,141 |
|
Due from Parent |
|
|
|
— |
|
|
|
|
1,337 |
|
Inventories |
|
|
|
16,595 |
|
|
|
|
16,930 |
|
Costs and estimated earnings in
excess of billings on uncompleted contracts |
|
|
|
14,459 |
|
|
|
|
27,793 |
|
Deferred income taxes |
|
|
|
1,344 |
|
|
|
|
251 |
|
Prepaid expenses and other |
|
|
|
34,011 |
|
|
|
|
34,884 |
|
Total current assets |
|
|
|
370,732 |
|
|
|
|
273,874 |
|
Deposits and other |
|
|
|
17,506 |
|
|
|
|
20,044 |
|
Deferred charges |
|
|
|
36,235 |
|
|
|
|
37,567 |
|
Property, plant and
equipment, net |
|
|
|
1,580,379 |
|
|
|
|
1,437,637 |
|
Construction-in-process |
|
|
|
230,561 |
|
|
|
|
296,722 |
|
Deferred financing and
lease costs, net |
|
|
|
24,718 |
|
|
|
|
27,057 |
|
Intangible assets,
net |
|
|
|
26,202 |
|
|
|
|
28,655 |
|
Total assets |
|
$ |
|
2,286,333 |
|
|
$ |
|
2,121,556 |
|
LIABILITIES AND EQUITY |
Current
liabilities: |
|
|
|
|
|
|
Accounts payable and accrued
expenses |
|
$ |
|
85,226 |
|
|
$ |
|
88,276 |
|
Deferred income taxes |
|
|
|
975 |
|
|
|
|
974 |
|
Short-term revolving credit lines
with banks (full recourse) |
|
|
|
— |
|
|
|
|
20,300 |
|
Billings in excess of costs and
estimated earnings on uncompleted contracts |
|
|
|
22,616 |
|
|
|
|
24,724 |
|
Current portion of long-term
debt: |
|
|
|
|
|
|
Limited and non-recourse: |
|
|
|
|
|
|
Senior secured notes |
|
|
|
33,197 |
|
|
|
|
34,368 |
|
Other loans |
|
|
|
21,495 |
|
|
|
|
17,995 |
|
Full recourse |
|
|
|
17,228 |
|
|
|
|
19,116 |
|
Total current liabilities |
|
|
|
180,737 |
|
|
|
|
205,753 |
|
Long-term debt, net of
current portion: |
|
|
|
|
|
|
Limited and non-recourse: |
|
|
|
|
|
|
Senior secured notes |
|
|
|
317,909 |
|
|
|
|
360,366 |
|
Other loans |
|
|
|
288,753 |
|
|
|
|
264,625 |
|
Full recourse: |
|
|
|
|
|
|
Senior unsecured bonds |
|
|
|
250,058 |
|
|
|
|
250,289 |
|
Other loans |
|
|
|
23,070 |
|
|
|
|
34,351 |
|
Unconsolidated
investments |
|
|
|
12,667 |
|
|
|
|
3,617 |
|
Liability associated
with sale of tax benefits |
|
|
|
18,580 |
|
|
|
|
39,021 |
|
Deferred lease
income |
|
|
|
58,325 |
|
|
|
|
60,560 |
|
Deferred income
taxes |
|
|
|
31,360 |
|
|
|
|
66,220 |
|
Liability for
unrecognized tax benefits |
|
|
|
7,112 |
|
|
|
|
7,511 |
|
Liabilities for
severance pay |
|
|
|
18,826 |
|
|
|
|
20,399 |
|
Asset retirement
obligation |
|
|
|
20,282 |
|
|
|
|
19,142 |
|
Other long-term
liabilities |
|
|
|
697 |
|
|
|
|
2,956 |
|
Total liabilities |
|
|
|
1,228,376 |
|
|
|
|
1,334,810 |
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
The Company's stockholders'
equity: |
|
|
|
|
|
|
Common stock |
|
|
|
49 |
|
|
|
|
46 |
|
Additional paid-in capital |
|
|
|
846,998 |
|
|
|
|
742,006 |
|
Retained earnings |
|
|
|
128,352 |
|
|
|
|
41,539 |
|
Accumulated other comprehensive
income |
|
|
|
(12,844 |
) |
|
|
|
(8,668 |
) |
|
|
|
|
962,555 |
|
|
|
|
774,923 |
|
Noncontrolling interest |
|
|
|
95,402 |
|
|
|
|
11,823 |
|
Total equity |
|
|
|
1,057,957 |
|
|
|
|
786,746 |
|
Total liabilities and equity |
|
$ |
|
2,286,333 |
|
|
$ |
|
2,121,556 |
|
|
|
|
|
|
|
|
|
|
|
|
Ormat Technologies, Inc. and
Subsidiaries Reconciliation of EBITDA,
Adjusted EBITDA and Additional Cash Flows
Information For the Nine and Three-Month
Period Ended September 30, 2015 and
2014 (Unaudited)
We calculate EBITDA as net income before
interest, taxes, depreciation and amortization. We calculate
Adjusted EBITDA as net income before interest, taxes, depreciation
and amortization, adjusted for (i) termination fees, (ii)
impairment of long-lived assets, (iii) write-off of unsuccessful
exploration activities, (iv) any mark-to-market gains or losses
from accounting for derivatives, (v) merger and acquisition
transaction cost, (iv) stock-based compensation, and (vii) gain
from extinguishment of liability. EBITDA and Adjusted EBITDA are
not a measurement of financial performance or liquidity under
accounting principles generally accepted in the United States of
America 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 accounting principles generally accepted in the
United States of America. EBITDA and Adjusted EBITDA are presented
because we believe they are frequently used by securities analysts,
investors and other interested parties in the evaluation of a
company’s ability to service and/or incur debt. However, other
companies in our industry may calculate EBITDA and Adjusted EBITDA
differently than we do.
The following tables reconcile net cash provided
by operating activities and net income to EBITDA and Adjusted
EBITDA for the nine and three-month period ended September 30, 2015
and September 30, 2014:
|
|
Three Months Ended September
30 |
|
Nine Months Ended September
30 |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
(in thousands) |
Net cash provided by
operating activities |
|
$ |
|
10,239 |
|
|
$ |
|
75,191 |
|
|
$ |
|
122,965 |
|
|
$ |
|
178,770 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
(excluding amortization |
|
|
|
|
|
|
|
|
|
|
|
|
of deferred financing costs) |
|
|
|
15,244 |
|
|
|
|
20,038 |
|
|
|
|
47,571 |
|
|
|
|
59,366 |
|
Interest income |
|
|
|
(53 |
) |
|
|
|
(35 |
) |
|
|
|
(106 |
) |
|
|
|
(236 |
) |
Income tax
provision |
|
|
|
(38,211 |
) |
|
|
|
6,444 |
|
|
|
|
(26,696 |
) |
|
|
|
17,731 |
|
Adjustments to
reconcile net income or loss to net cash |
|
|
|
|
|
|
|
|
|
|
|
|
provided by operating activities
(excluding |
|
|
|
|
|
|
|
|
|
|
|
|
depreciation and amortization) |
|
|
|
91,326 |
|
|
|
|
(32,404 |
) |
|
|
|
56,699 |
|
|
|
|
(56,062 |
) |
EBITDA |
|
$ |
|
78,545 |
|
|
$ |
|
69,234 |
|
|
$ |
|
200,433 |
|
|
$ |
|
199,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark to market on
derivative instruments which represents swap contracts on natural
gas and oil prices |
|
|
|
— |
|
|
|
|
(4,165 |
) |
|
|
|
4,129 |
|
|
|
|
(4,467 |
) |
Stock-based
compensation |
|
|
|
921 |
|
|
|
|
1,502 |
|
|
|
|
3,077 |
|
|
|
|
4,308 |
|
Gain on sale of a
subsidiary and property, plant and equipment |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(7,628 |
) |
Loss from
extinguishment of liability |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
1,710 |
|
|
|
|
— |
|
Merger and Acquisition
transactions costs |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
3,800 |
|
|
|
|
— |
|
Write-off of
unsuccessful exploration activities |
|
|
|
185 |
|
|
|
|
— |
|
|
|
|
359 |
|
|
|
|
8,107 |
|
Mark to market on
derivatives which represents currency forward contracts |
|
|
|
(645 |
) |
|
|
|
2,537 |
|
|
|
|
(1,335 |
) |
|
|
|
4,473 |
|
Adjusted
EBITDA |
|
$ |
|
79,006 |
|
|
$ |
|
69,108 |
|
|
$ |
|
212,173 |
|
|
$ |
|
204,362 |
|
Net cash provided by
(used in) investing activities |
|
$ |
|
2,895 |
|
|
$ |
|
(106,423 |
) |
|
$ |
|
(76,538 |
) |
|
$ |
|
(135,435 |
) |
Net cash provided by
(used in) financing activities |
|
$ |
|
20,742 |
|
|
$ |
|
(6,437 |
) |
|
$ |
|
84,884 |
|
|
$ |
|
(58,238 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September
30 |
|
Nine Months Ended September
30 |
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
(in thousands) |
Net income |
|
$ |
|
73,661 |
|
|
$ |
|
16,770 |
|
|
$ |
|
99,201 |
|
|
$ |
|
47,872 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
(including amortization |
|
|
|
|
|
|
|
|
|
|
|
|
of deferred financing costs) |
|
|
|
17,695 |
|
|
|
|
22,459 |
|
|
|
|
54,329 |
|
|
|
|
64,848 |
|
Income tax
provision |
|
|
|
(38,211 |
) |
|
|
|
6,444 |
|
|
|
|
(26,696 |
) |
|
|
|
17,731 |
|
Depreciation and
amortization |
|
|
|
25,400 |
|
|
|
|
23,561 |
|
|
|
|
73,599 |
|
|
|
|
69,118 |
|
EBITDA |
|
$ |
|
78,545 |
|
|
$ |
|
69,234 |
|
|
$ |
|
200,433 |
|
|
$ |
|
199,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark to market on
derivative instruments which represents swap contracts on natural
gas and oil prices |
|
|
|
— |
|
|
|
|
(4,165 |
) |
|
|
|
4,129 |
|
|
|
|
(4,467 |
) |
Stock-based
compensation |
|
|
|
921 |
|
|
|
|
1,502 |
|
|
|
|
3,077 |
|
|
|
|
4,308 |
|
Gain on sale of a
subsidiary and property, plant and equipment |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(7,628 |
) |
Loss from
extinguishment of liability |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
1,710 |
|
|
|
|
— |
|
Merger and Acquisition
transactions costs |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
3,800 |
|
|
|
|
— |
|
Write-off of
unsuccessful exploration activities |
|
|
|
185 |
|
|
|
|
— |
|
|
|
|
359 |
|
|
|
|
8,107 |
|
Mark to market on
derivatives which represents currency forward contracts |
|
|
|
(645 |
) |
|
|
|
2,537 |
|
|
|
|
(1,335 |
) |
|
|
|
4,473 |
|
Adjusted
EBITDA |
|
$ |
|
79,006 |
|
|
$ |
|
69,108 |
|
|
$ |
|
212,173 |
|
|
$ |
|
204,362 |
|
Ormat Technologies Contact:
Smadar Lavi
Investor Relations
775-356-9029
slavi@ormat.com
Investor Relations Agency Contact:
Miri Segal/Brett Maas
MS/Hayden - IR
917-607-8654/646-536-7331
msegal@ms-ir.com / brett@haydenir.com
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