false
0001296445
0001296445
2024-08-06
2024-08-06
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 6, 2024 (August 6, 2024)
Ormat Technologies, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
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001-32347
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No. 88-0326081
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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6140 Plumas Street, Reno, Nevada
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89519-6075
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(Address of Principal Executive Offices)
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(Zip Code)
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(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):
☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Shares
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ORA
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NYSE
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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 6, 2024 Ormat Technologies, Inc. (the “Registrant”) reported its earnings for its second fiscal quarter ended June 30, 2024. 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 |
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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.
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ORMAT TECHNOLOGIES, INC.
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By:
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/s /Doron Blachar
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Name: |
Doron Blachar |
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Title: |
Chief Executive Officer |
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Date: August 6, 2024
Exhibit 99.1
Ormat Technologies Contact:
Smadar Lavi
VP Head of IR and ESG Planning & Reporting
775-356-9029 (ext. 65726)
slavi@ormat.com
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Investor Relations Agency Contact:
Joseph Caminiti or Josh Carroll
Alpha IR Group
312-445-2870
ORA@alpha-ir.com
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ORMAT TECHNOLOGIES REPORTS SECOND QUARTER 2024 FINANCIAL RESULTS
CONSISTENT IMPROVEMENT ACROSS ALL OPERATING SEGMENTS HIGHLIGHTS COMMITTEMENT TOWARD CONTINUED PROFITABLE GROWTH
HIGHLIGHTS
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●
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TOTAL REVENUES FOR THE SECOND QUARTER INCREASED BY 9.3% YEAR-OVER-YEAR, WITH GROWTH REALIZED ACROSS ALL THREE OPERATING SEGMENTS
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●
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INCREASED PROFITABILITY IN ALL SEGMENTS DROVE A 45% INCREASE IN OPERATING INCOME AND A 25% INCREASE IN ADJUSTED EBITDA
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●
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INCREASE IN FULL YEAR EBITDA GUIDANCE RANGE, DEMONSTRATING STRONG EXECUTION AND CONFIDENCE IN THE COMPANY’S FORWARD OUTLOOK
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RENO, Nev. August 6, 2024, Ormat Technologies, Inc. (NYSE: ORA), a leading renewable energy company, today announced financial results for the second quarter ended June 30, 2024.
KEY FINANCIAL RESULTS
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Q2 2024
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Q2 2023
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Change
(%)
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H1 2024
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H1 2023
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Change
(%)
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GAAP Measures
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Revenues ($ millions)
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Electricity
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166.2 |
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155.3 |
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7.0 |
% |
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357.5 |
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325.6 |
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9.8 |
% |
Product
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37.8 |
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33.5 |
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13.1 |
% |
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62.7 |
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43.5 |
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44.0 |
% |
Energy Storage
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8.9 |
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6.0 |
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48.1 |
% |
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17.0 |
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10.9 |
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55.9 |
% |
Total Revenues
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213.0 |
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194.8 |
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9.3 |
% |
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437.1 |
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380.0 |
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15.0 |
% |
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Gross margin (%)
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Electricity
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33.5 |
% |
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29.6 |
% |
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36.4 |
% |
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37.3 |
% |
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Product
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13.7 |
% |
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10.4 |
% |
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14.1 |
% |
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9.6 |
% |
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Energy Storage
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5.7 |
% |
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1.9 |
% |
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6.6 |
% |
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(0.5 |
)% |
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Gross margin (%)
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28.8 |
% |
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25.4 |
% |
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32.1 |
% |
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33.0 |
% |
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Operating income ($ millions)
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35.1 |
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24.2 |
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45.0 |
% |
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87.7 |
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77.4 |
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13.3 |
% |
Net income attributable to the Company’s stockholders
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22.2 |
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24.2 |
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(8.1 |
) % |
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60.8 |
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53.2 |
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14.3 |
% |
Diluted EPS ($)
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0.37 |
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0.40 |
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(7.5 |
)% |
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1.00 |
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0.90 |
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11.1 |
% |
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Non-GAAP Measures
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Adjusted Net income attributable to the Company’s stockholders
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24.3 |
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24.2 |
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0.3 |
% |
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63.9 |
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53.2 |
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20.0 |
% |
Adjusted Diluted EPS ($)
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0.40 |
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0.40 |
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0.0 |
% |
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1.05 |
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0.90 |
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16.7 |
% |
Adjusted EBITDA1 ($ millions)
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126.1 |
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100.9 |
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25.0 |
% |
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267.3 |
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224.4 |
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19.1 |
% |
“Our strong second quarter results demonstrate Ormat’s track record of translating revenue growth into stronger results across our three-operating segments. This was evidenced by the 9.3% increase in total revenues and a 45% and 25.0% increase in operating income and adjusted EBITDA1, respectively, led by strategic expansion to our capacity generating portfolio and improved operating performance," said Doron Blachar, Chief Executive Officer of Ormat Technologies. “Notably, we are also continuing to make great progress in transitioning our Energy Storage business toward becoming a higher-growth segment with improved margins. These efforts are highlighted by the segment experiencing a 48.1% increase in revenue primarily as a result of the additional 83MW we added in the last 12 months, including the COD at East Flemington this quarter, the signing of our long-term tolling agreement at our Pomona 2 storage facility, and improved merchant prices.”
“Our Electricity segment continued to capture consistent growth during the quarter, which was largely driven by the addition of the Enel assets that we acquired at the beginning of the year, the continued improved generation performance at our Puna facility, and the contributions from a full quarter of performance at Heber following the recent upgrade.”
Blachar continued, “We are encouraged by the increased demand for renewable energy and zero emissions power generation solutions, and we remain confident with our long-term plans to increase our combined geothermal, energy storage and solar generating portfolio to approximately 2.1 to 2.3 GW by the end of 2026. We believe that we are well-positioned to capitalize on favorable industry tailwinds and support our customers’ needs with our diversified portfolio of geothermal, solar, and energy storage solutions.”
FINANCIAL AND RECENT BUSINESS HIGHLIGHTS
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•
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Net income attributable to the Company’s stockholders for the second quarter was $22.2 million, compared to $24.2 in the same period last year. Diluted EPS for the second quarter was $0.37, compared with $0.40 in the prior year period. The net income was impacted by approximately $2.0 million in after tax write-offs related to the decommissioning of OREG 4, Recovered Energy Generation facility (REG), and to an unsuccessful exploration activity.
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•
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Adjusted net income attributable to the Company’s stockholders for the second quarter was $24.3 million compared to $24.2 million last year, and diluted adjusted EPS was $0.40, similar to the prior year period. In the second quarter 2024, the Company had higher revenues and improved margins across all three segments that was offset by higher interest costs.
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•
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Adjusted EBITDA for the second quarter was $126.1 million, an increase of 25.0% compared to 2023. The year-over-year increase in Adjusted EBITDA was driven by higher gross margins across all three business segments, which drove higher operating income. Better margins were mainly driven by the improved operation at our Puna power plant and the contribution of the Heber complex repowering.
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1 Reconciliation is set forth below in this release.
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•
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Electricity segment revenues increased 7% year-over year. Second quarter revenue growth was primarily driven by the Company’s newly acquired Enel assets, a step up in operating performance and power generation at Puna, and the resumption of Heber 1 operations. The increase was partially offset by an unplanned outage at our Dixie Valley power plant. Gross margin in the segment grew from 29.6% in the second quarter 2023 to 33.5% in the same period this year, mainly due to improved performance at Puna.
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•
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Product segment revenues in the second quarter increased 13.1% compared to last year and gross margin improved from 10.4% in the second quarter 2023 to 13.7% in the second quarter 2024, supported by higher backlog, higher revenue recognition and increased profitability of our contracts.
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•
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Product segment backlog stands at approximately $165 million as of August 5, 2024.
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•
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Energy Storage segment revenues increased 48.1% year-over-year, driven by the operation of an additional 83 MW since the second quarter of 2023 and improved prices from the Company’s Pomona 2 tolling agreement combined with higher merchant prices. The segment’s gross margin grew from 1.9% in the second quarter 2023 to 5.7% in the same period this year, as the Company benefited from higher profitability from our contracts and incrementally improved pricing in merchant markets mainly in the PJM market.
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IN ADDITION, IN THE SECOND QUARTER, THE COMPANY:
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•
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Hosted an Investor Day that highlighted Ormat’s commitment to continued profitable growth in its Electricity Segment and shared its plans to transform the Energy Storage segment into a high-growth unit through strategic organic growth, a strong pipeline, and improved project returns through higher PPA and tolling agreements combined with IRA tax benefits. The Company announced that it is targeting a generating portfolio of 2.6 to 2.8 GW by YE 2028.
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•
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Subsequent to quarter end, the Company signed a 15-year Resource Adequacy Purchase and Sale Agreement with the City of Riverside for the 80MW/320MWh Shirk Energy Storage facility, which includes a guaranteed commercial operation date (COD) of March 1, 2026.
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•
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Commenced commercial operation of the 6 MW Beowawe geothermal power plant upgrade.
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2024 GUIDANCE
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•
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Total revenues of between $875 million and $910 million.
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•
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Electricity segment revenues between $710 million and $720 million.
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•
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Product segment revenues of between $130 million and $145 million.
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•
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Energy Storage segment revenues of between $35 million and $45 million.
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•
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Adjusted EBITDA to be between $520 million and $550 million.
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◦
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Adjusted EBITDA attributable to minority interest of approximately $20 million.
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The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three and six months ended June 30, 2024, and 2023. 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 August 06, 2024, 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 September 03, 2024, to stockholders of record as of the close of business on August 20, 2024. 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 Wednesday, August 7, 2024, at 9:00 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 1,420MW with a 1,230MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 190MW 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”, “contemplate” or “targets” 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 23, 2024, 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, 2024, and 2023
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Three Months Ended June 30,
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Six Months Ended June 30,
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2024
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2023
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2024
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2023
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(Dollars in thousands, except per share data)
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Revenues:
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Electricity
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166,226 |
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155,324 |
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357,479 |
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325,634 |
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Product
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37,829 |
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33,458 |
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62,661 |
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43,500 |
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Energy storage
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8,908 |
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6,014 |
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16,989 |
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|
10,894 |
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Total revenues
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|
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212,963 |
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|
194,796 |
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437,129 |
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380,028 |
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Cost of revenues:
|
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Electricity
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110,515 |
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109,424 |
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227,245 |
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204,182 |
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Product
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32,662 |
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29,985 |
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53,816 |
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39,336 |
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Energy storage
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8,400 |
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5,897 |
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15,872 |
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10,951 |
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Total cost of revenues
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151,577 |
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145,306 |
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296,933 |
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254,469 |
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Gross profit
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61,386 |
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49,490 |
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140,196 |
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125,559 |
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Operating expenses:
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|
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Research and development expenses
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1,730 |
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2,083 |
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3,294 |
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3,371 |
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Selling and marketing expenses
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4,167 |
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5,369 |
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9,293 |
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9,317 |
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General and administrative expenses
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18,026 |
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17,814 |
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37,563 |
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35,481 |
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Write-off of long-lived assets
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|
957 |
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— |
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957 |
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|
— |
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Write-off of unsuccessful exploration activities
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1,379 |
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|
— |
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1,379 |
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|
|
— |
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Operating income
|
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35,127 |
|
|
|
24,224 |
|
|
|
87,710 |
|
|
|
77,390 |
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Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Interest income
|
|
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2,604 |
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|
|
4,942 |
|
|
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4,443 |
|
|
|
6,793 |
|
Interest expense, net
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|
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(33,716 |
) |
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(24,393 |
) |
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(64,684 |
) |
|
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(48,024 |
) |
Derivatives and foreign currency transaction gains (losses)
|
|
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(332 |
) |
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(1,272 |
) |
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(1,914 |
) |
|
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(3,209 |
) |
Income attributable to sale of tax benefits
|
|
|
15,798 |
|
|
|
14,979 |
|
|
|
33,274 |
|
|
|
27,545 |
|
Other non-operating income (expense), net
|
|
|
74 |
|
|
|
79 |
|
|
|
100 |
|
|
|
139 |
|
Income from operations before income tax and equity in earnings (losses) 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 (losses) of investees, net
|
|
|
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 |
|
Earnings per share attributable to the Company's stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
0.37 |
|
|
|
0.40 |
|
|
|
1.01 |
|
|
|
0.91 |
|
Diluted:
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
60,451 |
|
|
|
60,245 |
|
|
|
60,419 |
|
|
|
58,494 |
|
Diluted
|
|
|
60,755 |
|
|
|
60,634 |
|
|
|
60,655 |
|
|
|
58,901 |
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Condensed Consolidated Balance Sheet
For the Periods Ended June 30, 2024 and December 31, 2023
|
|
June 30, 2024
|
|
|
December 31, 2023
|
|
ASSETS
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
66,262 |
|
|
|
195,808 |
|
Marketable securities at fair value
|
|
|
— |
|
|
|
— |
|
Restricted cash and cash equivalents
|
|
|
97,480 |
|
|
|
91,962 |
|
Receivables:
|
|
|
|
|
|
|
|
|
Trade
|
|
|
147,328 |
|
|
|
208,704 |
|
Other
|
|
|
44,568 |
|
|
|
44,530 |
|
Inventories
|
|
|
44,647 |
|
|
|
45,037 |
|
Costs and estimated earnings in excess of billings on uncompleted contracts
|
|
|
29,719 |
|
|
|
18,367 |
|
Prepaid expenses and other
|
|
|
86,991 |
|
|
|
41,595 |
|
Total current assets
|
|
|
516,995 |
|
|
|
646,003 |
|
Investment in unconsolidated companies
|
|
|
129,664 |
|
|
|
125,439 |
|
Deposits and other
|
|
|
48,737 |
|
|
|
44,631 |
|
Deferred income taxes
|
|
|
186,194 |
|
|
|
152,570 |
|
Property, plant and equipment, net
|
|
|
3,328,676 |
|
|
|
2,998,949 |
|
Construction-in-process
|
|
|
799,868 |
|
|
|
814,967 |
|
Operating leases right of use
|
|
|
26,192 |
|
|
|
24,057 |
|
Finance leases right of use
|
|
|
2,887 |
|
|
|
3,510 |
|
Intangible assets, net
|
|
|
316,515 |
|
|
|
307,609 |
|
Goodwill
|
|
|
151,074 |
|
|
|
90,544 |
|
Total assets
|
|
|
5,506,802 |
|
|
|
5,208,279 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
|
183,386 |
|
|
|
214,518 |
|
Short term revolving credit lines with banks (full recourse)
|
|
|
— |
|
|
|
20,000 |
|
Commercial paper
|
|
|
99,974 |
|
|
|
99,971 |
|
Billings in excess of costs and estimated earnings on uncompleted contracts
|
|
|
16,277 |
|
|
|
18,669 |
|
Current portion of long-term debt:
|
|
|
|
|
|
|
|
|
Limited and non-recourse (primarily related to VIEs):
|
|
|
67,921 |
|
|
|
57,207 |
|
Full recourse
|
|
|
154,246 |
|
|
|
116,864 |
|
Financing Liability
|
|
|
3,620 |
|
|
|
5,141 |
|
Operating lease liabilities
|
|
|
4,041 |
|
|
|
3,329 |
|
Finance lease liabilities
|
|
|
1,267 |
|
|
|
1,313 |
|
Total current liabilities
|
|
|
530,732 |
|
|
|
537,012 |
|
Long-term debt, net of current portion:
|
|
|
|
|
|
|
|
|
Limited and non-recourse:
|
|
|
540,995 |
|
|
|
447,389 |
|
Full recourse:
|
|
|
839,253 |
|
|
|
698,187 |
|
Convertible senior notes
|
|
|
424,268 |
|
|
|
423,104 |
|
Financing liability
|
|
|
219,682 |
|
|
|
220,619 |
|
Operating lease liabilities
|
|
|
20,480 |
|
|
|
19,790 |
|
Finance lease liabilities
|
|
|
1,684 |
|
|
|
2,238 |
|
Liability associated with sale of tax benefits
|
|
|
167,188 |
|
|
|
184,612 |
|
Deferred income taxes
|
|
|
78,850 |
|
|
|
66,748 |
|
Liability for unrecognized tax benefits
|
|
|
7,520 |
|
|
|
8,673 |
|
Liabilities for severance pay
|
|
|
10,009 |
|
|
|
11,844 |
|
Asset retirement obligation
|
|
|
125,035 |
|
|
|
114,370 |
|
Other long-term liabilities
|
|
|
33,858 |
|
|
|
22,107 |
|
Total liabilities
|
|
|
2,999,554 |
|
|
|
2,756,693 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest
|
|
|
9,985 |
|
|
|
10,599 |
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
The Company's stockholders' equity:
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
61 |
|
|
|
60 |
|
Additional paid-in capital
|
|
|
1,624,763 |
|
|
|
1,614,769 |
|
Treasury stock, at cost
|
|
|
(17,964 |
) |
|
|
(17,964 |
) |
Retained earnings
|
|
|
766,137 |
|
|
|
719,894 |
|
Accumulated other comprehensive income (loss)
|
|
|
(1,754 |
) |
|
|
(1,332 |
) |
Total stockholders' equity attributable to Company's stockholders
|
|
|
2,371,243 |
|
|
|
2,315,427 |
|
Noncontrolling interest
|
|
|
126,020 |
|
|
|
125,560 |
|
Total equity
|
|
|
2,497,263 |
|
|
|
2,440,987 |
|
Total liabilities, redeemable noncontrolling interest and equity
|
|
|
5,506,802 |
|
|
|
5,208,279 |
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
Reconciliation of EBITDA and Adjusted EBITDA
For the Three- and Six-Month Periods Ended June 30, 2024, and 2023
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 not designated as hedging instruments; (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.
The following table reconciles net income to EBITDA and Adjusted EBITDA for the three-and-six-month periods ended June 30, 2024, and 2023:
|
|
Three Months Ended
June 30,
|
|
|
|
|
|
|
Six Months ended
June 30,
|
|
|
|
|
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
(Dollars in thousands)
|
|
|
|
|
|
Net income
|
|
|
23,965 |
|
|
|
24,511 |
|
|
|
(22.3 |
)% |
|
|
64,315 |
|
|
|
57,972 |
|
|
|
10.9 |
% |
Adjusted for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net (including amortization of deferred financing costs)
|
|
|
31,112 |
|
|
|
19,451 |
|
|
|
|
|
|
|
60,241 |
|
|
|
41,231 |
|
|
|
|
|
Income tax provision (benefit)
|
|
|
(3,178 |
) |
|
|
(3,956 |
) |
|
|
|
|
|
|
(3,325 |
) |
|
|
4,929 |
|
|
|
|
|
Adjustment to investment in an unconsolidated companies: our proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen
|
|
|
3,418 |
|
|
|
4,050 |
|
|
|
|
|
|
|
6,770 |
|
|
|
7,032 |
|
|
|
|
|
Depreciation and amortization
|
|
|
62,683 |
|
|
|
52,939 |
|
|
|
|
|
|
|
124,359 |
|
|
|
105,335 |
|
|
|
|
|
EBITDA
|
|
|
118,000 |
|
|
|
96,995 |
|
|
|
21.7 |
% |
|
|
252,360 |
|
|
|
216,499 |
|
|
|
16.6 |
% |
Mark-to-market gains or losses from accounting for derivative
|
|
|
466 |
|
|
|
(402 |
) |
|
|
|
|
|
|
1,279 |
|
|
|
591 |
|
|
|
|
|
Stock-based compensation
|
|
|
5,077 |
|
|
|
4,311 |
|
|
|
|
|
|
|
9,845 |
|
|
|
7,301 |
|
|
|
|
|
Allowance for bad debt
|
|
|
221 |
|
|
|
— |
|
|
|
|
|
|
|
221 |
|
|
|
— |
|
|
|
|
|
Write-off of long-lived assets
|
|
|
957 |
|
|
|
— |
|
|
|
|
|
|
|
957 |
|
|
|
— |
|
|
|
|
|
Merger and acquisition transaction costs
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
1,299 |
|
|
|
— |
|
|
|
|
|
Write-off of unsuccessful exploration activities
|
|
|
1,379 |
|
|
|
— |
|
|
|
|
|
|
|
1,379 |
|
|
|
— |
|
|
|
|
|
Adjusted EBITDA
|
|
|
126,100 |
|
|
|
100,904 |
|
|
|
25 |
% |
|
|
267,341 |
|
|
|
224,392 |
|
|
|
19.1 |
% |
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, 2024, and 2023
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 six-month periods ended June 30, 2024 and 2023.
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
(in millions, except for EPS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net income attributable to the Company's stockholders
|
|
|
22.2 |
|
|
|
24.2 |
|
|
|
60.8 |
|
|
|
53.2 |
|
Write-off of long-lived assets
|
|
|
0.8 |
|
|
|
— |
|
|
|
0.8 |
|
|
|
— |
|
Write-off of unsuccessful exploration activities
|
|
|
1.1 |
|
|
|
— |
|
|
|
1.1 |
|
|
|
— |
|
M&A costs
|
|
|
— |
|
|
|
— |
|
|
|
1.0 |
|
|
|
— |
|
Allowance for bad debt
|
|
|
0.2 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
Adjusted Net income attributable to the Company's stockholders
|
|
$ |
24.3 |
|
|
$ |
24.2 |
|
|
$ |
63.9 |
|
|
$ |
53.2 |
|
GAAP diluted EPS
|
|
|
0.37 |
|
|
|
0.40 |
|
|
|
1.00 |
|
|
|
0.90 |
|
Write-off of long-lived assets
|
|
|
0.01 |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
Write-off of unsuccessful exploration activities
|
|
|
0.02 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
M&A costs
|
|
|
- |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
Allowance for bad debt
|
|
|
0.00 |
|
|
|
— |
|
|
|
0.00 |
|
|
|
— |
|
Diluted Adjusted EPS
|
|
$ |
0.40 |
|
|
$ |
0.40 |
|
|
$ |
1.05 |
|
|
$ |
0.90 |
|
v3.24.2.u1
Document And Entity Information
|
Aug. 06, 2024 |
Document Information [Line Items] |
|
Entity, Registrant Name |
Ormat Technologies, Inc.
|
Document, Type |
8-K
|
Document, Period End Date |
Aug. 06, 2024
|
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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