In a release issued under the same headline
yesterday by Ormat Technologies, Inc. (NYSE:ORA) please note that
the Adjusted Net income attributable to the Company's
stockholders and the Diluted Adjusted EPS for Q4 2018 has been
changed in the first table and last table. The corrected release
follows:
Ormat Technologies, Inc. (the “Company”, “we”, “Ormat” or “us”)
(NYSE: ORA) today announced financial results for the fourth
quarter and full year ended December 31, 2018.
($ millions,
except per share amounts) |
Q42018 |
Q42017 |
%Change |
FY
2018 |
FY2017 |
%Change |
Revenues |
|
|
|
|
|
|
Electricity |
138.3 |
128.0 |
8.0% |
509.9 |
465.6 |
9.5% |
Product |
49.7 |
37.9 |
31.3% |
201.7 |
224.5 |
(10.1%) |
Other |
2.4 |
0.5 |
|
7.6 |
2.7 |
179.4% |
Total
Revenues |
190.5 |
166.4 |
14.5% |
719.3 |
692.8 |
3.8% |
Gross
margin (%) |
|
|
|
|
|
|
Electricity |
54.0% |
42.8% |
|
41.5% |
42.7% |
|
Product |
32.2% |
28.7% |
|
30.3% |
32.2% |
|
Other |
7.9% |
(304.6%) |
|
(29.2%) |
(98.3%) |
|
Gross
margin (%) |
47.7% |
38.7% |
|
37.6% |
38.7% |
|
Operating
income |
68.0 |
48.4 |
40.5% |
185.1 |
205.0 |
(9.7%) |
Net
income attributable to the Company’s shareholders1 |
18.2 |
64.6 |
(71.8%) |
98.0 |
132.4 |
(26.0%) |
Diluted
EPS |
0.36 |
1.27 |
(71.7%) |
1.92 |
2.61 |
(26.3%) |
|
|
|
|
|
|
|
Adjusted
Net income attributable to the Company’s stockholders1 |
21.3 |
64.6 |
(67.0%) |
106.1 |
155.2 |
(31.7%) |
Diluted
Adjusted EPS |
0.42 |
1.27 |
(66.9%) |
2.08 |
3.06 |
(31.9%) |
Adjusted EBITDA |
113.2 |
87.4 |
29.4% |
368.0 |
343.8 |
7.0% |
____________1 Reconciliation is set forth below
in this release
“Ormat overcame significant challenges to
deliver another successful, record year,” commented Isaac Angel,
Chief Executive Officer, “Electricity generation grew nearly 7% and
electricity segment revenue increased 9.5%, meeting our guidance
and demonstrating the strength of our portfolio as we delivered
record levels of electricity, revenue and EBITDA despite a
prolonged shutdown of our Puna power plant in Hawaii. Revenues from
our product segment were slightly above our guidance, and we enter
2019 with a strong and growing backlog and a diversified pipeline
of business opportunities in Turkey, New Zealand, the United
States, the Philippines and China. Our energy storage activity is
progressing under new leadership, albeit at a slower pace than we
anticipated, and we are continuing efforts to build a solid
pipeline of opportunities”
Mr. Angel continued, “With regards to Puna, work
is underway to resume operation of the plant. We have constructed a
new access road to the power plant, drilled a new fresh water well
and started to open a production well. Initial tests from the
geothermal injection wells indicate higher temperatures at the
reservoir with no sign of any negative impact on pressure. In light
of that, we currently estimate that we will be ready for operation
by year end 2019. On the property insurance coverage, all the
insurers accepted and started paying for the costs to rebuild the
destroyed substation and other damaged property. However only some
of the insurers accepted that the business interruption coverage
started in May 2018. We are still in discussions to reach an
understanding with all of our insurers to start paying for the
business interruption as of May 2018.”
“Our guidance for 2018 full-year Adjusted EBITDA
was subject to receiving $20 million in business interruption
coverage by the end of the year from our insurers. We have received
$12 million to date.” added Mr. Angel. “Nevertheless, considering
these insurance proceeds, we exceeded our guidance for 2018
demonstrating the overall robustness of our business. As we put the
challenges of 2018 behind us, we believe that we are well
positioned for a year of growth in our profitability in 2019.”
FINANCIAL HIGHLIGHTS FOR THE FULL YEAR 2018
- Total revenues of $719.3 million, up 3.8% compared to 2017
despite the volcano-related shutdown of Ormat’s Puna power plant in
Hawaii;
- Electricity segment revenues of $509.9 million, up 9.5%
compared to 2017 mainly due to contribution from the new acquired
US Geothermal (“USG”) assets as well as generation from new power
plants that eased the lack of revenues due to the shutdown of the
Puna power plant;
- Electricity segment gross margin was 41.5% compared to 42.7%
for 2017. The decrease is mainly due to the impact of the shutdown
of Puna and due to maintenance expenses related to a higher number
than average of production pump failures in 2018 in some of our
power plants;
- Product segment revenues of $201.7 million, down 10.1% compared
to 2017;
- Product segment backlog amounts to $216.8 million as of
February 26, 2019;
- Other segment revenue was $7.6 million in 2018 compared to $2.7
million in 2017;
- Total gross margin was 37.6% compared to 38.7% in 2017;
- Net income was $110.1 million in 2018 compared to Net income of
$147.1 million in 2017;
- Net income attributable to the Company's stockholders in 2018
was $98.0 million, or $1.92 per diluted share, compared to $132.4
million, or $2.61 per diluted share, in 2017; Adjusted Net income
attributable to the Company's stockholders, was $106.1 million, or
$2.08 per diluted share, compared to $155.2 million, or $3.06 per
diluted share, 20172 ;
- Adjusted EBITDA increased 7% to $368.0 million, from $343.8
million in 2017. Adjusted EBITDA includes approximately $12.0
million insurance proceeds received against business interruption
insurance; and
- Declared a quarterly dividend of $0.11 per share for the fourth
quarter of 2018.
____________2 Reconciliation is set forth
below in this release
RECENT DEVELOPMENTS
- On December 20, 2018, we announced that the third phase of the
McGinness Hills geothermal complex located in Lander County, Nevada
began commercial operation. The 48-megawatt power plant started
selling electricity to the Southern California Public Power
Authority (“SCPPA”) under the Ormat Northern Nevada Geothermal
Portfolio Power Purchase Agreement. The third phase is expected to
generate approximately $30 million in average annual revenue.
2019 GUIDANCE
Mr. Angel added, “We expect full-year 2019 total
revenues between $720 million and $742 million with electricity
segment revenues between $530 million and $540 million, excluding
any impact from Puna during 2019. We expect product segment
revenues between $180 million and $190 million. Revenues from
energy storage and demand response activity are expected to be
between $10million and $12 million. We expect 2019 Adjusted EBITDA
between $370 million and $380 million for the full year, with no
Puna-related EBITDA. We expect annual Adjusted EBITDA attributable
to minority interest to be approximately $23 million excluding any
impact from Puna during 2019.”
“For the trailing 12 months prior to the
volcanic eruption, Puna generated $43.7 million in revenue and
$26.7 million in EBITDA,” added Mr. Angel. “Even absent these
contributions, we are forecasting growth in our electricity segment
and the pace of growth absent Puna and any related business
interruption insurance proceeds outpaces the pace of growth
reported in 2018, demonstrating our diversified business model. We
are still pursuing the business interruption insurance proceeds we
are entitled to receive in connection with our Puna facility and we
anticipate receiving additional proceeds in 2019.”
|
2018
Results |
2018
Results Excluding Puna |
2019
guidance Excluding Puna |
Electricity Revenues |
509.9 |
491.6 |
530-540 |
Products Revenues |
201.7 |
201.7 |
180-190 |
Other Revenues |
7.6 |
7.6 |
10-12 |
Total Revenues |
719.3 |
701.0 |
720-742 |
Total Adjusted EBITDA |
368.0 |
354.7 |
370-380 |
The Company provides a reconciliation of
Adjusted EBITDA, a non-GAAP financial measure for the three and
year ended December 31, 2018. However, the Company is unable to
provide a reconciliation for its Adjusted EBITDA guidance range due
to high variability and complexity with respect to estimating
forward looking amounts for impairments and disposition and
acquisition of business interests, income taxes including the tax
impact of the repatriation of proceeds from sales in foreign
jurisdictions and tax benefit or expense related to effects of the
still evolving tax law reform in the United States and other
non-cash expenses and adjusting items which are excluded from the
calculation of Adjusted EBITDA.
FOURTH QUARTER 2018 FINANCIAL RESULTS
For the three months ended December 31, 2018,
total revenues were $190.5 million, up 14.5% compared to the
quarter ended December 31, 2017. Electricity segment revenues
increased 8.0% to $138.3 million for the three months ended
December 31, 2018, up from $128.0 million for the three months
ended December 31, 2017. The increase was mainly attributable to
the Tungsten Mountain and Olkaria III expansion projects, which
came online in the last twelve months, as well as the USG
acquisition, partially offset by the shutdown of the Puna plant.
Product segment revenues increased 31.3% to $49.7 million for the
three months ended December 31, 2018, up from $37.9 million for the
three months ended December 31, 2017. Other segment revenues were
$2.4 million in the fourth quarter of 2018 compared to $0.5 million
in the fourth quarter of 2017.
General and administrative expenses for the
three months ended December 31, 2018 were $4.4 million, or 2.3% of
total revenues, compared to $9.9 million, or 5.9% of total
revenues, for the three months ended December 31, 2017. The
decrease was primarily attributable to the reversal of the earn-out
provision related to the Viridity Energy Inc. (“Viridity”)
acquisition in the amount of $10.3 million because as the Company
determined that the second milestone to be measured at the end of
fiscal year 2020 will not be achieved.
The Company reported net income attributable to
the Company’s shareholders of $18.2 million, or $0.36 per diluted
share, compared to $64.6 million, or $1.27 per diluted share, for
the same period last year. The decrease is primarily due to an
income tax expense of $31.4 million compared to an income tax
benefit of $28.3 million for the three months ended December 31,
2017.
Adjusted EBITDA for the three months ended
December 31, 2018 was $113.2 million, compared to $87.4 million for
the three months ended December 31, 2017. The increase in Adjusted
EBITDA is mainly to the insurance proceeds related to Puna claim
recorded in the fourth quarter. The reconciliation of GAAP net
income to EBITDA and Adjusted EBITDA is set forth below in this
release.
FULL YEAR 2018 FINANCIAL HIGHLIGHTS
For the year ended December 31, 2018, total
revenues were $719.3 million, up from $692.8 million for the year
ended December 31, 2017, an increase of 3.8%. Electricity segment
revenues increased 9.5% to $509.9 million for the year ended
December 31, 2018, up from $465.6 million for 2017. Product segment
revenues decreased 10.1% to $201.7 million for the year, down from
$224.5 million last year. Other segment revenues were $7.6 million
for the year ended December 31, 2018 compared to $2.7 million in
2017.
General and administrative expenses for the full
year of 2018 were $47.8 million, or 6.6% of total revenues,
compared to $42.9 million, or 6.2% of total revenues last year.
This increase was mainly due to expenses related to the first-time
inclusion of USG, expenses from the storage business and higher
legal and auditing costs associated with the remediation plan for
the previously reported material weakness. These increases were
partially offset by a $10.3 million adjustment with respect to an
earn-out provision related to the acquisition of Viridity. General
and administrative expenses for the year ended December 31, 2017
included a $2.1 million charge for stock-based compensation expense
associated with the acceleration of the vesting period of the stock
options previously held by the Company’s Chief Executive Officer
and Chief Financial Officer and exercised in connection with ORIX’s
Corporation’s acquisition of 22% of the Company.
Goodwill impairment charge for the year ended
December 31, 2018 was $13.5 million related to the acquisition of
the Company’s Viridity business. There was no goodwill impairment
charge for the year ended December 31, 2017.
Net income for the year ended December 31, 2018
of $110.1 million compared to $147.1 million for the year ago
period.
Ormat reported Net income attributable to the
Company’s stockholders of $98.0 million, or $1.92 per diluted
share, compared to $132.4 million, or $2.61 per diluted share, for
the same period a year ago.
Adjusted Net income attributable to the
Company's stockholders for 2018 of $106.1 million, or $2.08 per
diluted share. Adjusted Net income attributable to the Company's
stockholders and diluted EPS for 2017 of $155.2 million or, $3.06
per diluted share.3
Adjusted EBITDA for the year ended December 31,
2018 was $368.0 million, compared to $343.8 million for 2017, an
increase of 7.0%. The reconciliation of GAAP net income to EBITDA
and Adjusted EBITDA is set forth below in this release.
____________3 Reconciliation is set forth
below in this release
DIVIDEND
On February 26, 2019, the Company’s Board of
Directors declared, approved and authorized payment of a quarterly
dividend of $0.11 per share pursuant to the Company’s dividend
policy. The dividend will be paid on March 28, 2019 to shareholders
of record as of the close of business on March 14, 2019. In
addition, the Company expects to pay a quarterly dividend of $0.11
per share in each of the next three quarters.
CONFERENCE CALL DETAILS
Ormat will host a conference call to discuss its
financial results and other matters discussed in this press release
on Wednesday, February 27, at 10 a.m. ET. The call will be
available as a live, listen-only webcast at investor.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 News & Events in the Investor Relations
section of Ormat’s website.
An archive of the webcast will be available
approximately 60 minutes after the conclusion of the live call.
Please ask to be joined into the Ormat Technologies, Inc. call.
PARTICIPANT TELEPHONE NUMBERS |
|
|
Participant dial in (toll free):Participant
international dial in:Canada Toll Free: |
1-877-511-6790 1-412-902-4141 1-855-669-9657 |
|
|
CONFERENCE REPLAY |
|
|
US Toll Free: International Toll: Replay Access
Code: |
1-877-344-7529 1-412-317-0088 10127351 |
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 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 77 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 530 employees in the United States and 770
overseas. Ormat’s flexible, modular solutions for geothermal power
and REG are ideal for 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 2,900 MW of gross capacity.
Ormat’s current 910 MW generating portfolio is spread globally in
the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe.
Ormat expanded its operations to provide energy storage and energy
management solutions, by leveraging its core capabilities and
global presence as well as through its Viridity Energy Solutions
Inc. subsidiary, a Philadelphia-based company with nearly a decade
of expertise and leadership in energy storage, demand response and
energy management.
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’s Form
10-K/A filed with the Securities and Exchange Commission (“SEC”) on
June 19, 2018 and from time to time, in Ormat’s quarterly reports
on Form 10-Q that are filed with the SEC.
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 Statement of OperationsFor the
Three and 12 Month Periods Ended December 31, 2018 and
2017(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
EndedDecember 31 |
|
Twelve Months
EndedDecember 31 |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
(In thousands, except
per share data) |
|
(In thousands, except
per share data) |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Electricity |
$ |
138,320 |
|
|
$ |
128,045 |
|
|
$ |
509,879 |
|
|
$ |
465,593 |
|
Product |
|
49,717 |
|
|
|
37,862 |
|
|
|
201,743 |
|
|
|
224,483 |
|
Other |
|
2,428 |
|
|
|
458 |
|
|
|
7,645 |
|
|
|
2,736 |
|
Total
revenues |
|
190,465 |
|
|
|
166,365 |
|
|
|
719,267 |
|
|
|
692,812 |
|
Cost of
revenues: |
|
|
|
|
|
|
|
|
|
|
|
Electricity |
|
63,692 |
|
|
|
73,164 |
|
|
|
298,255 |
|
|
|
266,840 |
|
Product |
|
33,729 |
|
|
|
26,992 |
|
|
|
140,697 |
|
|
|
152,094 |
|
Other |
|
2,235 |
|
|
|
1,853 |
|
|
|
9,880 |
|
|
|
5,426 |
|
Total
cost of revenues |
|
99,656 |
|
|
|
102,009 |
|
|
|
448,832 |
|
|
|
424,360 |
|
Gross
profit |
|
90,809 |
|
|
|
64,356 |
|
|
|
270,435 |
|
|
|
268,452 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research
and development expenses |
|
1,118 |
|
|
|
789 |
|
|
|
4,183 |
|
|
|
3,157 |
|
Selling
and marketing expenses |
|
3,813 |
|
|
|
3,517 |
|
|
|
19,802 |
|
|
|
15,600 |
|
General
and administrative expenses |
|
4,429 |
|
|
|
9,854 |
|
|
|
47,750 |
|
|
|
42,881 |
|
Impairment charge |
|
13,464 |
|
|
|
— |
|
|
|
13,464 |
|
|
|
— |
|
Write-off
of unsuccessful exploration activities |
|
3 |
|
|
|
1,796 |
|
|
|
126 |
|
|
|
1,796 |
|
Operating
income |
|
67,982 |
|
|
|
48,400 |
|
|
|
185,110 |
|
|
|
205,018 |
|
Other
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
458 |
|
|
|
127 |
|
|
|
974 |
|
|
|
988 |
|
Interest
expense, net |
|
(22,034 |
) |
|
|
(12,987 |
) |
|
|
(70,924 |
) |
|
|
(54,142 |
) |
Derivatives and foreign currency transaction gains (losses) |
|
(2,250 |
) |
|
|
614 |
|
|
|
(4,761 |
) |
|
|
2,654 |
|
Income
attributable to sale of tax benefits |
|
4,020 |
|
|
|
3,859 |
|
|
|
19,003 |
|
|
|
17,878 |
|
Other
non-operating expense, net |
|
117 |
|
|
|
12 |
|
|
|
7,779 |
|
|
|
(1,666 |
) |
Income
before income taxes and equity in losses of investees |
|
48,293 |
|
|
|
40,025 |
|
|
|
137,181 |
|
|
|
170,730 |
|
Income
tax (provision) benefit |
|
(31,386 |
) |
|
|
28,329 |
|
|
|
(34,733 |
) |
|
|
(21,664 |
) |
Equity in
losses of investees, net |
|
6,182 |
|
|
|
(267 |
) |
|
|
7,663 |
|
|
|
(1,957 |
) |
Net
income |
|
23,089 |
|
|
|
68,087 |
|
|
|
110,111 |
|
|
|
147,109 |
|
Net
income attributable to noncontrolling interest |
|
(4,869 |
) |
|
|
(3,467 |
) |
|
|
(12,145 |
) |
|
|
(14,695 |
) |
Net
income attributable to the Company's stockholders |
$ |
18,220 |
|
|
$ |
64,620 |
|
|
$ |
97,966 |
|
|
$ |
132,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share attributable to the Company's stockholders -
Basic and diluted: |
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
0.36 |
|
|
$ |
1.28 |
|
|
$ |
1.93 |
|
|
$ |
2.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
$ |
0.36 |
|
|
$ |
1.27 |
|
|
$ |
1.92 |
|
|
$ |
2.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computation of earnings per share
attributable to the Company's stockholders: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
50,691 |
|
|
|
50,607 |
|
|
|
50,643 |
|
|
|
50,110 |
|
Diluted |
|
50,936 |
|
|
|
51,053 |
|
|
|
50,969 |
|
|
|
50,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ormat Technologies, Inc. and
SubsidiariesCondensed Consolidated Balance SheetFor the Periods
Ended December 31, 2018 and December 31, 2017(Unaudited)
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
(In
thousands) |
ASSETS |
Current assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
98,802 |
|
|
$ |
47,818 |
|
Restricted cash, cash equivalents and marketable securities |
|
|
78,693 |
|
|
|
48,825 |
|
Receivables: |
|
|
|
|
|
|
Trade |
|
|
137,581 |
|
|
|
110,410 |
|
Other |
|
|
19,393 |
|
|
|
13,828 |
|
Inventories |
|
|
45,024 |
|
|
|
19,551 |
|
Costs and estimated earnings in excess of billings on uncompleted
contracts |
|
|
42,130 |
|
|
|
40,945 |
|
Prepaid
expenses and other |
|
|
51,441 |
|
|
|
40,269 |
|
Total
current assets |
|
|
473,064 |
|
|
|
321,646 |
|
Investment in an
unconsolidated company |
|
|
71,983 |
|
|
|
34,084 |
|
Deposits and other |
|
|
18,209 |
|
|
|
21,599 |
|
Deferred income
taxes |
|
|
113,760 |
|
|
|
57,337 |
|
Deferred charges |
|
|
— |
|
|
|
49,834 |
|
Property, plant and
equipment, net |
|
|
1,959,578 |
|
|
|
1,734,691 |
|
Construction-in-process |
|
|
261,690 |
|
|
|
293,542 |
|
Deferred financing and
lease costs, net |
|
|
3,242 |
|
|
|
4,674 |
|
Intangible assets,
net |
|
|
199,874 |
|
|
|
85,420 |
|
Goodwill |
|
|
19,950 |
|
|
|
21,037 |
|
Total
assets |
|
$ |
3,121,350 |
|
|
$ |
2,623,864 |
|
LIABILITIES AND
EQUITY |
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable and accrued expenses |
|
$ |
116,362 |
|
|
$ |
153,796 |
|
Short-term revolving credit lines with banks (full recourse) |
|
|
159,000 |
|
|
|
51,500 |
|
Billings in excess of costs and estimated earnings on uncompleted
contracts |
|
|
18,402 |
|
|
|
20,241 |
|
Current
portion of long-term debt: |
|
|
|
|
|
|
Limited
and non-recourse: |
|
|
|
|
|
|
Senior
secured notes |
|
|
33,493 |
|
|
|
33,226 |
|
Other
loans |
|
|
29,687 |
|
|
|
21,495 |
|
Full
recourse |
|
|
5,000 |
|
|
|
3,087 |
|
Total
current liabilities |
|
|
361,944 |
|
|
|
283,345 |
|
Long-term debt, net of
current portion: |
|
|
|
|
|
|
Limited
and non-recourse: |
|
|
|
|
|
|
Senior
secured notes |
|
|
375,337 |
|
|
|
311,668 |
|
Other
loans |
|
|
320,242 |
|
|
|
242,385 |
|
Full
recourse: |
|
|
|
|
|
|
Senior
unsecured bonds |
|
|
303,575 |
|
|
|
203,752 |
|
Other
loans |
|
|
41,579 |
|
|
|
46,489 |
|
Liability associated
with sale of tax benefits |
|
|
69,893 |
|
|
|
44,634 |
|
Deferred lease
income |
|
|
48,433 |
|
|
|
51,520 |
|
Deferred income
taxes |
|
|
61,323 |
|
|
|
61,961 |
|
Liability for
unrecognized tax benefits |
|
|
11,769 |
|
|
|
8,890 |
|
Liabilities for
severance pay |
|
|
17,994 |
|
|
|
21,141 |
|
Asset retirement
obligation |
|
|
39,475 |
|
|
|
27,110 |
|
Other long-term
liabilities |
|
|
16,087 |
|
|
|
18,853 |
|
Total
liabilities |
|
|
1,667,651 |
|
|
|
1,321,748 |
|
|
|
|
|
|
|
|
Redeemable
non-controlling interest |
|
|
8,603 |
|
|
|
6,416 |
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
The
Company's stockholders' equity: |
|
|
|
|
|
|
Common
stock |
|
|
51 |
|
|
|
51 |
|
Additional paid-in capital |
|
|
901,363 |
|
|
|
888,778 |
|
Retained
earnings (accumulated deficit) |
|
|
422,222 |
|
|
|
327,255 |
|
Accumulated other comprehensive income (loss) |
|
|
(3,799 |
) |
|
|
(4,706 |
) |
|
|
|
1,319,837 |
|
|
|
1,211,378 |
|
Noncontrolling interest |
|
|
125,259 |
|
|
|
84,322 |
|
Total
equity |
|
|
1,445,096 |
|
|
|
1,295,700 |
|
Total
liabilities and equity |
|
$ |
3,121,350 |
|
|
$ |
2,623,864 |
|
|
|
|
|
|
|
|
ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIESReconciliation of
EBITDA and Adjusted EBITDA For the Three-Month Periods Ended
December 31, 2018 and 2017(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 costs, (vi)
stock-based compensation, (vii) gain from extinguishment of
liability, and (viii) gain on sale of subsidiary and property,
plant and equipment. 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 table reconciles net income to EBITDA and Adjusted
EBITDA for the three and 12-month periods ended December 31, 2018
and 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31 |
|
Twelve Months Ended December 31 |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
(in thousands) |
Net income |
|
$ |
23,089 |
|
|
$ |
68,087 |
|
|
$ |
110,111 |
|
|
$ |
147,109 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
(including amortization of deferred financing costs) |
|
|
21,576 |
|
|
|
12,860 |
|
|
|
69,950 |
|
|
|
53,154 |
|
Income tax
provision |
|
|
31,386 |
|
|
|
(28,329 |
) |
|
|
34,733 |
|
|
|
21,664 |
|
Adjustment to
investment in uncosolidated company: |
|
|
|
|
|
|
|
|
|
|
|
|
our
proportionate share in interest, tax and depreciation and
amortization |
|
|
(2,584 |
) |
|
|
(265 |
) |
|
|
9,184 |
|
|
|
(265 |
) |
Depreciation and
amortization |
|
|
32,749 |
|
|
|
31,652 |
|
|
|
127,732 |
|
|
|
108,693 |
|
EBITDA |
|
$ |
106,216 |
|
|
$ |
84,005 |
|
|
$ |
351,710 |
|
|
$ |
330,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market gains or
losses from accounting for derivatives |
|
|
830 |
|
|
|
(700 |
) |
|
|
2,032 |
|
|
|
(1,500 |
) |
Stock-based
compensation |
|
|
2,836 |
|
|
|
1,556 |
|
|
|
10,218 |
|
|
|
8,760 |
|
Gain on sale of
subsidiary and property, plant and equipment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Insurance proceeds in
excess of assets carrying value |
|
|
— |
|
|
|
— |
|
|
|
(7,150 |
) |
|
|
— |
|
Losse from
extinguishment of liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,950 |
|
Goodwill impairment,
net of earn out adjustments |
|
|
3,142 |
|
|
|
— |
|
|
|
3,142 |
|
|
|
— |
|
Termination fee |
|
|
— |
|
|
|
— |
|
|
|
4,973 |
|
|
|
— |
|
Impairment of
long-lived assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Merger and acquisition
transaction cost |
|
|
120 |
|
|
|
760 |
|
|
|
2,910 |
|
|
|
2,460 |
|
Write-off of
unsuccessful exploration activities |
|
|
7 |
|
|
|
1,796 |
|
|
|
126 |
|
|
|
1,796 |
|
Adjusted EBITDA |
|
$ |
113,151 |
|
|
$ |
87,417 |
|
|
$ |
367,961 |
|
|
$ |
343,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIESReconciliation of
Adjusted Net Income attributable to the Company's stockholdersFor
the Three and Twelve Month Periods Ended December 31, 2018 and
2017(Unaudited)
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 table reconciles Net income attributable to the
Company's stockholders and Adjusted EPS for the three and 12 -month
periods ended December 31, 2018 and 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Deceember 31 |
|
Twelve Months Ended December 31 |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
(in thousands) |
Net income attributable
to the Company's stockholders |
|
$ |
18.2 |
|
$ |
64.6 |
|
$ |
98.0 |
|
$ |
132.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time termination
fee |
|
|
— |
|
|
— |
|
|
5.0 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time prepayment
fees |
|
|
— |
|
|
— |
|
|
|
|
|
1.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time Goodwill
impairment charge net of earnouts |
|
|
3.1 |
|
|
|
|
|
3.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time tax
Expense |
|
|
— |
|
|
— |
|
|
— |
|
|
20.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net income attributable to the Company's
stockholders |
|
$ |
21.3 |
|
$ |
64.6 |
|
$ |
106.1 |
|
$ |
155.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares diluted used in computation of earnings per share
attributable to the Company's stockholders: |
|
|
50.9 |
|
|
51.1 |
|
|
51.0 |
|
|
50.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EPS |
|
|
0.42 |
|
|
1.27 |
|
|
2.08 |
|
|
3.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ormat Technologies
Contact: Smadar Lavi VP Corporate Finance and Head of Investor
Relations 775-356-9029 (ext. 65726) slavi@ormat.com |
Investor Relations
Agency Contact: Rob Fink Hayden - IR 646-415-8972
rob@haydenir.com |
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