Ormat Technologies, Inc. (NYSE: ORA), a leading geothermal, energy
storage, solar PV and recovered energy power company, today
announced financial results for the fourth quarter and full year
ended December 31, 2021.
KEY FINANCIAL RESULTS
(Dollars in millions,
except per share) |
Q4 2021 |
Q4 2020 |
Change (%) |
FY 2021 |
FY 2020 |
Change(%) |
GAAP Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electricity |
164.3 |
|
146.2 |
|
12.4 |
|
% |
585.8 |
|
541.4 |
|
8.2 |
|
% |
Product |
20.3 |
|
27.4 |
|
(25.7 |
) |
% |
46.9 |
|
148.1 |
|
(68.3 |
) |
% |
Energy Storage |
6.4 |
|
5.8 |
|
10.0 |
|
% |
30.4 |
|
15.8 |
|
92.1 |
|
% |
Total Revenues |
191.0 |
|
179.4 |
|
6.5 |
|
% |
663.1 |
|
705.3 |
|
(6.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Electricity |
44.1 |
% |
45.2 |
% |
|
|
|
42.5 |
% |
44.6 |
% |
|
|
|
Product |
10.6 |
% |
29.8 |
% |
|
|
|
11.8 |
% |
22.4 |
% |
|
|
|
Energy Storage |
16.4 |
% |
13.0 |
% |
|
|
|
33.0 |
% |
11.1 |
% |
|
|
|
Gross margin (%) |
39.6 |
% |
41.8 |
% |
|
|
|
39.9 |
% |
39.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
54.9 |
|
53.2 |
|
3.1 |
|
% |
169.4 |
|
214.0 |
|
(20.9 |
) |
% |
Net income attributable to the
Company’s stockholders |
18.9 |
|
20.7 |
|
(8.7 |
) |
% |
62.1 |
|
85.5 |
|
(27.3 |
) |
% |
Diluted EPS ($) |
0.34 |
|
0.39 |
|
(12.8 |
) |
% |
1.10 |
|
1.65 |
|
(33.3 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Measures 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net income
attributable to the Company’s stockholders |
22.8 |
|
20.7 |
|
10.1 |
|
% |
78.6 |
|
85.5 |
|
(8.1 |
) |
% |
Adjusted Diluted EPS ($) |
0.41 |
|
0.39 |
|
5.1 |
|
% |
1.39 |
|
1.65 |
|
(15.8 |
) |
% |
Adjusted EBITDA1 |
116.0 |
|
109.2 |
|
6.3 |
|
% |
401.4 |
|
420.2 |
|
(4.5 |
) |
% |
“The fourth quarter marked a strong finish for
2021, with quarterly results for both revenues and Adjusted EBITDA
delivering significant growth versus last year’s notably strong
fourth quarter,” said Doron Blachar, Ormat’s Chief Executive
Officer. “We are encouraged by the record quarterly Adjusted EBITDA
along with year over year growth in revenue, operating income and
adjusted EPS. This demonstrated growth is supported by our
expanding electricity and energy storage portfolios, which we
expect will continue to grow in 2022. Our operational performance
is improving, and we are capturing the benefit of our strategic
actions, as our revenues and profitability reflect the
contributions from our capacity expansions, Puna’s resumed
profitable operation and acquisitions in our geothermal
portfolio.”
Blachar added, “Looking ahead to 2022, we expect
to deliver meaningful revenue expansion, driving profitable growth
of roughly 10% in Adjusted EBITDA versus 2021 results. This will be
supported by expected increases to capacity in both our Electricity
and Energy Storage segments. With the growing demand for geothermal
energy and current regulatory tailwinds, we remain confident in our
long-term plans to increase our combined geothermal, energy storage
and solar generating portfolio to more than 1.5 GW by 2023. We are
on track to deliver an annual Adjusted EBITDA of $500 million on a
run-rate basis towards the end of 2022 and expect these figures to
continue their healthy growth trajectory as we move forward with
our plans in 2023 and onwards. We firmly believe
that our strategy, our assets, and our advantageous cost structure
position Ormat to succeed in the current environment, as we look to
execute on our portfolio expansion, capture stronger margins, and
drive shareholder value. We invite you all to participate in our
upcoming Investor Day, where we will expand further on our
long-term goals and our strategic plans for the future.”
FINANCIAL AND RECENT BUSINESS
HIGHLIGHTS
- Net income
attributable to the Company's stockholders and diluted EPS for the
fourth quarter 2021 decreased 8.7% and 12.8%, respectively versus
the prior year period. The decrease was mainly due to higher
interest expenses following our recent geothermal assets
acquisition and losses related to our minority investment in the
Sarulla project in Indonesia. Adjusted net income attributable to
the Company’s stockholders and diluted EPS for the fourth quarter
2021 increased 10.1% and 5.1%, respectively versus the prior year
period. Net income attributable to the Company’s stockholders for
the fourth quarter 2021 was adjusted to exclude Tax asset write-off
in Sarulla, our unconsolidated company.
- Net income
attributable to the Company's stockholders and diluted EPS for the
full year 2021 decreased 27.3% and 33.3%, respectively versus last
year. The decrease is mainly related to a significant reduction in
our Product segment revenues and gross profit, higher general and
administrative expenses, higher interest expenses and net loss
related to the February power crisis in Texas. In addition,
insurance proceeds related to our Puna power plant were higher in
2020 versus 2021 by approximately $13.4 million. Adjusted net
income attributable to the Company's stockholders and diluted EPS
for the full year 2021 decreased 8.1% and 15.8%, respectively
versus last year. Net income attributable to the Company's
stockholders was adjusted to exclude a one-time net expense of $8.8
million after tax related to the February power crisis in Texas,
Tax asset write-off in Sarulla and M&A costs related to the
acquisition of the new geothermal assets.
- Adjusted EBITDA
for the fourth quarter 2021 was a record of $116.0 million, an
increase of 6.3% compared to $109.2 million in 2020, supported by
growth in the Electricity segment driven by our McGinness Hills
expansion, revenue growth in our Energy Storage segment, resumed
operations at the Puna power plant and successful integration of
the two newly acquired geothermal assets in Nevada.
- Adjusted EBITDA
for the fiscal year 2021 was $401.4 million, a decrease of 4.5%
compared to $420.2 million in fiscal 2020, due primarily to a $27.6
million reduction in gross profit of the Product segment, offset
partially by improved performance of the Electricity and Energy
Storage segments.
- Electricity
segment revenues increased 8.2% for the year and 12.4% for the
fourth quarter compared to 2020, supported by contributions from
the newly added geothermal assets, McGinness Hills expansion and
the recovery of the Puna power plant, partially offset by field
operational issues in the Olkaria power plant in Kenya and the
temporary slowdown of the Bouillante power plant in Guadeloupe,
which is now running close to full capacity.
- After resuming
operations in the fourth quarter of 2020, the Puna Geothermal Power
Plant stabilized at 25 MW in 2021.
- Generation in
the fourth quarter 2021 was 1.8 million MWh, an increase of 12.4%
compared to 1.6 million MWh in the fourth quarter of 2020.
Generation for the full year 2021 was 6.5 million MWh compared to
6.0 million MWh in 2020, an increase of 8.0%.
IN ADDITION, THE COMPANY:
- Successfully
resumed normal operation of the Brawley and Guadeloupe power plants
following operational issues that lowered performance in 2021.
- Started
construction at Dixie Meadows project and expects commercial
operation by year end 2022.
- Is preparing to
increase Olkaria’s generation gradually during the second quarter
of 2022 by 10 MW to 12 MW following the power plant’s planned
modification and expects to reach between 135 MW to 140 MW by the
end of 2022.
- Plans to provide
further details on our long-term growth plans and targets at an
Analyst Day to be held on March 30, 2022. More details on attending
the event will be provided in a later press release.
2022 GUIDANCE
- Total revenues
of between $725 million and $750 million
- Electricity
segment revenues between $645 million and $655 million
- Product segment
revenues of between $50 million and $60 million
- Energy Storage
segment revenues of between $30 million and $35 million
- Adjusted EBITDA
to be between $430 million and $450 million, including $9.0 million
for insurance proceeds
- Adjusted EBITDA
attributable to minority interest of approximately $32
million.
The Company provides a reconciliation of
Adjusted EBITDA, a non-GAAP financial measure for the three months
and year ended December 31, 2021. 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 the 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 February 23, 2022, 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 March 23, 2022, to stockholders of record as of the
close of business on March 9, 2022. In addition, the Company
expects to pay a quarterly dividend of $0.12 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 Thursday, February 24th, 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. A replay of the webcast will be
available approximately two hours after the conclusion of the live
call and will be archived for 12 months.
Investors may access the call by dialing:
Canadian participant dial in (toll free):United States participant
international dial-in:All other locations:Access code: |
1-833-950-00621-844-200-6205+1-929-526-1599796448 |
Conference replay
US Toll Free:Canada:UK (Local):International Toll:Replay Access
Code: |
1-866-813-94031-226-828-75780204-525-06581-226-828-7578348661 |
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 1.1 GW with a 1,012
MW geothermal and Solar generation portfolio that is spread
globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and
Guadeloupe, and an 83 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" in Ormat’s annual report on Form 10-K filed with the
Securities and Exchange Commission (“SEC”) on February 26, 2021 and
in Ormat’s annual reports on Form 10-K and 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
SUBSIDIARIESCondensed Consolidated Statements of
OperationsFor the three-month and year-end periods ended December
31, 2021, and 2020
|
Three Months Ended December 31, |
Year EndedDecember 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(Dollars in thousands, except per share data) |
Revenues: |
|
|
|
|
Electricity |
164,268 |
|
146,192 |
|
585,771 |
|
541,393 |
|
Product |
20,340 |
|
27,388 |
|
46,920 |
|
148,125 |
|
Energy storage |
6,381 |
|
5,802 |
|
30,393 |
|
15,824 |
|
Total revenues |
190,989 |
|
179,382 |
|
663,084 |
|
705,342 |
|
Cost of revenues: |
|
|
|
|
Electricity |
91,883 |
|
80,071 |
|
337,019 |
|
300,059 |
|
Product |
18,194 |
|
19,224 |
|
41,374 |
|
114,948 |
|
Energy storage |
5,336 |
|
5,046 |
|
20,353 |
|
14,060 |
|
Total cost of revenues |
115,413 |
|
104,341 |
|
398,746 |
|
429,067 |
|
Gross profit |
75,576 |
|
75,041 |
|
264,338 |
|
276,275 |
|
Operating expenses: |
|
|
|
|
Research and development expenses |
950 |
|
1,114 |
|
4,129 |
|
5,395 |
|
Selling and marketing expenses |
4,264 |
|
3,660 |
|
15,199 |
|
17,384 |
|
General and administrative expenses |
15,501 |
|
17,072 |
|
75,901 |
|
60,226 |
|
Business interruption insurance income |
— |
|
— |
|
(248 |
) |
(20,743 |
) |
Operating income |
54,861 |
|
53,195 |
|
169,357 |
|
214,013 |
|
Other income (expense): |
|
|
|
|
Interest income |
534 |
|
248 |
|
2,124 |
|
1,717 |
|
Interest expense, net |
(22,786 |
) |
(19,139 |
) |
(82,658 |
) |
(77,953 |
) |
Derivatives and foreign currency transaction gains (losses) |
1,509 |
|
1,691 |
|
(14,720 |
) |
3,802 |
|
Income attributable to sale of tax benefits |
7,928 |
|
8,902 |
|
29,582 |
|
25,720 |
|
Other non-operating income (expense), net |
174 |
|
75 |
|
(134 |
) |
1,418 |
|
Income from operations before income tax and equity in earnings
(losses) of investees |
42,220 |
|
44,972 |
|
103,551 |
|
168,717 |
|
Income tax provision |
(15,527 |
) |
(21,728 |
) |
(24,850 |
) |
(67,003 |
) |
Equity in earnings (losses) of
investees, net |
(4,420 |
) |
288 |
|
(2,624 |
) |
92 |
|
Net income |
22,273 |
|
23,532 |
|
76,077 |
|
101,806 |
|
Net income attributable to noncontrolling interest |
(3,368 |
) |
(2,834 |
) |
(13,985 |
) |
(16,350 |
) |
Net income attributable to the Company's stockholders |
18,905 |
|
20,698 |
|
62,092 |
|
85,456 |
|
Earnings per share
attributable to the Company's stockholders: |
|
|
|
|
Basic |
0.34 |
|
0.39 |
|
1.11 |
|
1.66 |
|
Diluted |
0.34 |
|
0.39 |
|
1.10 |
|
1.65 |
|
Weighted average number of shares used in computation of earnings
per share attributable to the Company's stockholders: |
|
|
|
|
Basic |
56,033 |
|
53,106 |
|
56,004 |
|
51,567 |
|
Diluted |
56,386 |
|
53,551 |
|
56,402 |
|
51,937 |
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIESCondensed Consolidated
Balance SheetsFor the periods ended December 31, 2021, and December
31, 2020
|
December 31, 2021 |
|
December 31, 2020 |
(Dollars in thousands) |
ASSETS |
Current assets: |
|
|
|
Cash and cash equivalents |
239,278 |
|
|
448,252 |
|
Marketable securities at fair value |
43,343 |
|
|
— |
|
Restricted cash and cash equivalents |
104,166 |
|
|
88,526 |
|
Receivables: |
|
|
|
Trade |
122,944 |
|
|
149,170 |
|
Other |
18,144 |
|
|
17,987 |
|
Inventories |
28,445 |
|
|
35,321 |
|
Costs and estimated earnings in excess of billings on uncompleted
contracts |
9,692 |
|
|
24,544 |
|
Prepaid expenses and other |
35,920 |
|
|
15,354 |
|
Total current assets |
601,932 |
|
|
779,154 |
|
Investment in unconsolidated
companies |
105,886 |
|
|
98,217 |
|
Deposits and other |
78,915 |
|
|
66,989 |
|
Deferred income taxes |
143,450 |
|
|
119,299 |
|
Property, plant and equipment,
net |
2,294,973 |
|
|
2,099,046 |
|
Construction-in-process |
721,483 |
|
|
479,315 |
|
Operating leases right of
use |
19,357 |
|
|
16,347 |
|
Finance leases right of
use |
6,414 |
|
|
11,633 |
|
Intangible assets, net |
363,314 |
|
|
194,421 |
|
Goodwill |
89,954 |
|
|
24,566 |
|
Total assets |
4,425,678 |
|
|
3,888,987 |
|
|
|
|
|
LIABILITIES AND EQUITY |
Current liabilities: |
|
|
|
Accounts payable and accrued expenses |
143,186 |
|
|
152,763 |
|
Billings in excess of costs and estimated earnings on uncompleted
contracts |
9,248 |
|
|
11,179 |
|
Current portion of long-term debt: |
|
|
|
Limited and non-recourse |
61,695 |
|
|
60,846 |
|
Full recourse |
313,846 |
|
|
17,768 |
|
Financing liability |
10,835 |
|
|
— |
|
Operating lease liabilities |
2,564 |
|
|
2,922 |
|
Finance lease liabilities |
2,782 |
|
|
3,169 |
|
Total current liabilities |
544,156 |
|
|
248,647 |
|
Long-term debt, net of current
portion: |
|
|
|
Limited and non-recourse |
539,664 |
|
|
600,123 |
|
Full recourse |
740,335 |
|
|
777,090 |
|
Financing liability |
242,029 |
|
|
— |
|
|
|
|
|
Operating lease liabilities |
16,462 |
|
|
12,897 |
|
Finance lease liabilities |
4,361 |
|
|
9,104 |
|
Liability associated with sale
of tax benefits |
134,953 |
|
|
111,476 |
|
Deferred income taxes |
84,662 |
|
|
87,972 |
|
Liability for unrecognized tax
benefits |
5,730 |
|
|
1,970 |
|
Liabilities for severance
pay |
15,694 |
|
|
18,749 |
|
Asset retirement
obligation |
84,891 |
|
|
63,457 |
|
Other long-term
liabilities |
4,951 |
|
|
6,235 |
|
Total liabilities |
2,417,888 |
|
|
1,937,720 |
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling
interest |
9,329 |
|
|
9,830 |
|
Equity: |
|
|
|
The Company's stockholders' equity: |
|
|
|
Common stock |
56 |
|
|
56 |
|
Additional paid-in capital |
1,271,925 |
|
|
1,262,446 |
|
Retained earnings |
585,209 |
|
|
550,103 |
|
Accumulated other comprehensive income (loss) |
(2,191 |
) |
|
(6,620 |
) |
Total stockholders' equity attributable to Company's
stockholders |
1,854,999 |
|
|
1,805,985 |
|
Noncontrolling interest |
143,462 |
|
|
135,452 |
|
Total equity |
1,998,461 |
|
|
1,941,437 |
|
Total liabilities, redeemable noncontrolling interest and
equity |
4,425,678 |
|
|
3,888,987 |
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIESReconciliation of EBITDA
and Adjusted EBITDAFor the three-month and year ended December 31,
2021, and 2020
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) 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, and (vi) other unusual or non-recurring
items. We adjust for these factors as they may be non-cash or
unusual in nature and/or are not factors used by management for
evaluating operating performance. We believe that presentation of
this measure 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
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. This information should not
be considered in isolation from, or as a substitute for, or
superior to, measures of financial performance prepared in
accordance with GAAP or other non-GAAP financial measures.
The following table reconciles net income to
EBITDA and Adjusted EBITDA for the three-month and year ended
December 31, 2021, and 2020.
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
2021 |
|
|
|
2020 |
|
|
(Dollars in thousands) |
|
(Dollars in thousands) |
Net income |
$ |
22,273 |
|
|
$ |
23,532 |
|
$ |
76,077 |
|
|
$ |
101,806 |
|
Adjusted for: |
|
|
|
|
|
|
|
Interest expense, net (including amortization of deferred financing
costs) |
|
22,252 |
|
|
|
18,891 |
|
|
80,534 |
|
|
|
76,236 |
|
Income tax provision |
|
15,527 |
|
|
|
21,728 |
|
|
24,850 |
|
|
|
67,003 |
|
Adjustment to investment in an unconsolidated company: our
proportionate share in interest expense, tax and depreciation and
amortization in Sarulla complex |
|
6,427 |
|
|
|
1,278 |
|
|
14,680 |
|
|
|
11,549 |
|
Depreciation and amortization |
|
47,427 |
|
|
|
39,643 |
|
|
177,930 |
|
|
|
151,371 |
|
EBITDA |
$ |
113,906 |
|
|
$ |
105,072 |
|
$ |
374,071 |
|
|
$ |
407,965 |
|
Mark-to-market on derivative
instruments |
|
(355 |
) |
|
|
420 |
|
|
741 |
|
|
|
(1,192 |
) |
Stock-based compensation |
|
2,328 |
|
|
|
2,770 |
|
|
9,168 |
|
|
|
9,830 |
|
Reversal of a contingent
liability |
|
— |
|
|
|
— |
|
|
(418 |
) |
|
|
— |
|
Allowance for bad debts
related to February power crisis in Texas |
|
— |
|
|
|
— |
|
|
2,980 |
|
|
|
— |
|
Hedge losses resulting from
February power crisis in Texas |
|
— |
|
|
|
— |
|
|
9,133 |
|
|
|
— |
|
Merger and acquisition
transaction costs |
|
138 |
|
|
|
910 |
|
|
5,635 |
|
|
|
2,279 |
|
Legal settlement expenses |
|
— |
|
|
|
— |
|
|
- |
|
|
|
1,277 |
|
Tender-related deposits write
of |
|
— |
|
|
|
— |
|
|
134 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
116,017 |
|
|
$ |
109,172 |
|
$ |
401,444 |
|
|
$ |
420,159 |
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Reconciliation of Adjusted Net Income
attributable to the Company's stockholders and Adjusted EPS For the
three-month and year end periods ended December 31, 2021, and
2020
We calculate Adjusted Net Income and Adjusted
diluted EPS as Net Income Attributable to the Company's
Stockholders and Diluted EPS, respectively, adjusted for costs that
are unusual or non-recurring in nature. We adjust for these factors
as they may be non-cash or 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. 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 and year ended periods ended December 31, 2021, and
2020.
|
Three Months Ended December 31 |
|
Twelve Months Ended December 31 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
(in millions, except for EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income attributable
to the Company's stockholders |
$ |
18.9 |
|
$ |
20.7 |
|
$ |
62.1 |
|
$ |
85.5 |
|
|
|
|
|
|
|
|
|
|
|
|
One-time net expense related
to February power crisis in Texas, net of taxes |
|
— |
|
|
— |
|
|
8.8 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Tax asset write-off in
Sarulla, our unconsolidated company |
|
3.9 |
|
|
— |
|
|
3.9 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costs related to
TG Geothermal Portfolio transaction, net of taxes |
$ |
|
|
|
— |
|
$ |
3.7 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net income
attributable to the Company's stockholders |
$ |
22.8 |
|
$ |
20.7 |
|
$ |
78.6 |
|
$ |
85.5 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted EPS |
$ |
0.34 |
|
$ |
0.39 |
|
$ |
1.10 |
|
$ |
1.65 |
|
|
|
|
|
|
|
|
|
|
|
|
One-time net expense related
to February power crisis in Texas, net of taxes |
|
— |
|
|
— |
|
|
0.16 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Tax asset write-off in
Sarulla, our unconsolidated company |
|
0.07 |
|
|
— |
|
|
0.07 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition costs related to
TG Geothermal Portfolio transaction, net of taxes |
$ |
|
|
|
— |
|
$ |
0.07 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Adjusted EPS |
$ |
0.41 |
|
$ |
0.39 |
|
$ |
1.39 |
|
$ |
1.65 |
Ormat
Technologies Contact:Smadar LaviVP Head of IR and ESG Planning
& Reporting 775-356-9029 (ext. 65726)slavi@ormat.com |
Investor
Relations Agency Contact:Sam Cohen or Joseph CaminitiAlpha IR
Group312-445-2870ORA@alpha-ir.com |
1 Reconciliation is set forth below in this
release
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