Ormat Technologies, Inc.1 (NYSE: ORA) today announced financial
results for the third quarter ended September 30, 2019.
($ millions, except per share amounts) |
Q3 2019 |
Q3 2018 |
Change (%) |
Revenues |
|
|
|
Electricity |
|
124.0 |
|
|
116.9 |
|
6.1 |
% |
Product |
|
43.0 |
|
|
48.4 |
|
(11.2 |
%) |
Other |
|
3.5 |
|
|
1.2 |
|
203.0 |
% |
Total Revenues |
|
170.5 |
|
|
166.5 |
|
2.4 |
% |
Gross Profit |
|
55.5 |
|
|
48.8 |
|
13.7 |
% |
Gross margin (%) |
|
|
|
Electricity |
|
35.4 |
% |
|
31.7 |
% |
|
Product |
|
27.8 |
% |
|
26.4 |
% |
|
Other |
|
(9.3 |
%) |
|
(89.0 |
%) |
|
Gross margin (%) |
|
32.5 |
% |
|
29.3 |
% |
|
|
|
|
|
Operating income |
|
38.7 |
|
|
25.9 |
|
49.5 |
% |
Net income attributable to the Company’s shareholders |
|
15.6 |
|
|
10.6 |
|
47.5 |
% |
Diluted EPS |
$ |
0.30 |
|
$ |
0.21 |
|
42.9 |
% |
Diluted EPS W/O the impact of Puna2 |
$ |
0.35 |
|
$ |
0.26 |
|
|
|
|
|
|
Adjusted Net income attributable to the Company’s
stockholders3 |
|
15.6 |
|
|
15.6 |
|
|
Diluted Adjusted EPS3 |
$ |
0.30 |
|
$ |
0.31 |
|
|
|
|
|
|
Adjusted EBITDA3 |
|
85.5 |
|
|
75.6 |
|
13.0 |
% |
Adjusted EBITDA W/O the impact of Puna3 |
|
87.0 |
|
|
77.3 |
|
12.5 |
% |
“We continue to deliver on our stated goals of
growing revenues and expanding gross margin,” commented Isaac
Angel, Chief Executive Officer. “Total revenues increased 2.4%,
driven by strong growth of 6.1% in our core Electricity revenues,
which helped to offset both the lack of revenues from our Puna
plant in Hawaii (which is preparing to re-start operations after
the damage from the 2018 eruption of the Kilauea volcano), as well
as the expected quarterly decline in our Product segment revenues.
These strong results demonstrate the overall robustness of our
Electricity segment and the benefit of our diversified portfolio of
operations. Our gross margins also expanded on a year-over-year
basis due to the positive impacts of our initiatives to improve
plant-level efficiencies and to increase the geographic
diversification of our Product segment into higher-margin
territories.”
Mr. Angel continued, “The reconstruction efforts
at Puna are on schedule and we expect our refurbishment activities
will be completed by the end of the year, enabling us to deliver
energy from the plant. All of our insurers have now started paying
the costs to rebuild the damaged power plant equipment. However,
certain insurers rejected our claim for business interruption
coverage, and we have filed a lawsuit against these insurers. These
lawsuits will not impact our plans for re-starting the Puna
facility, and we expect to be able to sell the electricity produced
at Puna as soon as the relevant permits required from local
authorities for the operation of the substation and the
transmission network upgrades being undertaken by our partners at
Hawaii Electric Light Company (HELCO) are received. These are
expected by the end of Q1 2020, and so we expect to be able to
bring the power plant back to operation promptly thereafter, and to
gradually increase the power plant’s generating capacity as we
complete wellfield drilling work, with a target of regaining full
operation by the end of the second quarter of 2020.”
“In the product segment, we are working on new
opportunities in New Zealand, Indonesia and the Philippines to
diversify and grow our backlog.” continued Mr. Angel. “We remain on
pace to meet our full-year targets in all segments and expect to
continue our growth path in 2020”
FINANCIAL HIGHLIGHTS FOR THE THIRD QUARTER OF
2019
- Total revenues of $170.5 million, up 2.4% compared to the third
quarter of 2018;
- Electricity segment revenues of $124.0 million, up 6.1%
compared to Q3 2018, with the growth resulting from the
commencement of commercial operation of the third phase of the
McGinness Hills Complex in Nevada, which began in December
2018;
- Electricity segment gross margin was 35.4% compared to 31.7%
for Q3 2018. Excluding the impact from Puna, Electricity segment
gross margin would have been 38.7% in Q3 2019 and 35.3% in Q3
2018;
- Product segment backlog was approximately $167.0 million as of
November 6, 2019;
- Net income was $15.1 million in Q3 2019 compared to $10.1
million in Q3 2018, an increase of $5.0 million mainly due to an
increase of $12.8 million in operating income partially offset by
an increase of $8.4 million in income tax provision;
- Net income attributable to the Company's stockholders in Q3
2019 was $15.6 million, or $0.30 per diluted share, compared to
$10.6 million, or $0.21 per diluted share in Q3 2018;
- Adjusted EBITDA increased 13.0% to $85.5 million from $75.6
million in Q3 20184. Adjusted EBITDA includes approximately
negative $1.5 million and negative $1.7 million of Adjusted EBITDA
related to Puna in Q3 2019 and Q3 2018, respectively. Adjusted
EBITDA, excluding any impact from Puna, was $87.0 million in Q3
2019 and $77.3 million in Q3 2018;
- The Company declared a quarterly dividend of $0.11 per share
for the third quarter of 2019.
Recent Developments
- Announced the commercial operation of the Hinesburg Battery
Energy Storage System (Hinesburg BESS) under an agreement with
Vermont Electric Cooperative (VEC).
- Entered a partnership agreement with a private investor that
acquired membership interests in the McGinness Hills phase 3 power
plant to receive substantially all of the plant’s tax attributes
for an initial purchase price of approximately $59.3 million.
2019 GUIDANCE
Mr. Angel added, “We are raising our 2019
Revenue guidance to the upper end of the range and increasing
Adjusted EBITDA guidance. Excluding Puna, we expect full-year 2019
total revenues of between $731 million and $743 million, with
Electricity segment revenues between $535 million and $540 million,
and Product segment revenues between $185 million and $190
million. Revenues from our energy storage services business
are expected to be between $11 million and $13 million. We expect
2019 Adjusted EBITDA to be between $385 million and $390 million.
We expect annual Adjusted EBITDA attributable to minority interest
to be approximately $23 million. This guidance, with regard to
revenues, Adjusted EBITDA and Adjusted EBITDA attributable to
minority interest, excludes any contribution and/or impact from
Puna.”
The Company provides a reconciliation of
Adjusted EBITDA, a non-GAAP financial measure for the three months
ended September 30, 2019. 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 expense related to still evolving
effects of the tax law reform in the United States and other
non-cash expenses and adjusting items which are excluded from the
calculation of Adjusted EBITDA.
THIRD QUARTER 2019 FINANCIAL RESULTS (COMPARING
THE QUARTER ENDED SEPTEMBER 30, 2019 TO THE QUARTER ENDED SEPTEMBER
30, 2018)
Total revenues for the quarter were $170.5
million, up 2.4% compared to the same quarter last year.
Electricity segment revenues increased 6.1% to $124.0 million, up
from $116.9 million last year. The increase was mainly attributable
to the commencement of commercial operation of the third phase of
the McGinness Hills Complex in Nevada, effective December 2018,
which generated total complex revenues of $20.0 million for the
three months ended September 30, 2019 compared to $12.8 million for
the three months ended September 30, 2018. Product segment revenues
decreased 11.2% to $43.0 million, down from $48.4 million in the
same quarter last year. Other segment revenues were $3.5 million
compared to $1.2 million in the same quarter last year. The
increase was mainly driven by the start of operation of two storage
energy facilities in the PJM market.
General and administrative expenses were $11.9
million, or 7.0% of total revenues, compared to $13.6 million, or
8.2% of total revenues. This decrease was mainly related to a
decrease in professional fees.
Net income attributable to the Company’s
shareholders was $15.6 million, or $0.30 per diluted share,
compared to $10.6 million, or $0.21 per diluted share.
Adjusted EBITDA5 was $85.5 million, compared to
$75.6 million. The increase in Adjusted EBITDA is mainly related to
the commencement of commercial operation of the third phase of the
McGinness Hills Complex. A reconciliation of GAAP net income to
EBITDA and Adjusted EBITDA is set forth below in this release.
DIVIDEND
On November 6, 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 December 4, 2019 to
shareholders of record as of the close of business on November 20,
2019.
CONFERENCE CALL DETAILS
Ormat will host a conference call to discuss its
financial results and other matters discussed in this press release
on Thursday, November 7, 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.
Investors may access the call by dialing:
Participant
dial in (toll free): |
1-877-511-6790 |
Participant international dial
in: |
1-412-902-4141 |
|
|
Conference replay |
|
|
|
US Toll Free: |
1-877-344-7529 |
International Toll: |
1-412-317-0088 |
Replay Access Code: |
10135777 |
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 584 employees in the United States and 762
overseas. Ormat’s flexible, modular solutions for geothermal power
and REG are ideal for a 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 917 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.
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
filed with the Securities and Exchange Commission (“SEC”) on March
1, 2019 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 Nine-Month Periods Ended
September 30, 2019 and 2018(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands, except per share data) |
|
(In
thousands, except per share data) |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Electricity |
$ |
123,978 |
|
|
$ |
116,891 |
|
|
$ |
395,965 |
|
|
$ |
371,559 |
|
Product |
|
43,037 |
|
|
|
48,439 |
|
|
|
147,195 |
|
|
|
152,026 |
|
Other |
|
3,484 |
|
|
|
1,150 |
|
|
|
10,442 |
|
|
|
5,217 |
|
Total revenues |
|
170,499 |
|
|
|
166,480 |
|
|
|
553,602 |
|
|
|
528,802 |
|
Cost of
revenues: |
|
|
|
|
|
|
|
|
|
|
|
Electricity |
|
80,124 |
|
|
|
79,845 |
|
|
|
231,442 |
|
|
|
234,563 |
|
Product |
|
31,073 |
|
|
|
35,669 |
|
|
|
114,495 |
|
|
|
106,968 |
|
Other |
|
3,807 |
|
|
|
2,174 |
|
|
|
12,844 |
|
|
|
7,645 |
|
Total cost of revenues |
|
115,004 |
|
|
|
117,688 |
|
|
|
358,781 |
|
|
|
349,176 |
|
Gross
profit |
|
55,495 |
|
|
|
48,792 |
|
|
|
194,821 |
|
|
|
179,626 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses |
|
1,062 |
|
|
|
706 |
|
|
|
2,772 |
|
|
|
3,065 |
|
Selling and marketing expenses |
|
3,783 |
|
|
|
8,578 |
|
|
|
10,924 |
|
|
|
15,989 |
|
General and administrative expenses |
|
11,931 |
|
|
|
13,602 |
|
|
|
41,801 |
|
|
|
43,321 |
|
Write-off of unsuccessful exploration activities |
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
123 |
|
Operating income |
|
38,719 |
|
|
|
25,902 |
|
|
|
139,324 |
|
|
|
117,128 |
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
482 |
|
|
|
214 |
|
|
|
1,195 |
|
|
|
516 |
|
Interest expense, net |
|
(20,076 |
) |
|
|
(18,700 |
) |
|
|
(62,816 |
) |
|
|
(48,890 |
) |
Derivatives and foreign currency transaction gains (losses) |
|
205 |
|
|
|
(383 |
) |
|
|
696 |
|
|
|
(2,511 |
) |
Income attributable to sale of tax benefits |
|
4,056 |
|
|
|
4,066 |
|
|
|
16,457 |
|
|
|
14,983 |
|
Other non-operating expense, net |
|
244 |
|
|
|
309 |
|
|
|
1,362 |
|
|
|
7,662 |
|
Income before income taxes and equity in |
|
|
|
|
|
|
|
|
|
|
|
losses of investees |
|
23,630 |
|
|
|
11,408 |
|
|
|
96,218 |
|
|
|
88,888 |
|
Income tax
(provision) benefit |
|
(9,626 |
) |
|
|
(1,184 |
) |
|
|
(20,136 |
) |
|
|
(3,347 |
) |
Equity in
losses of investees, net |
|
1,085 |
|
|
|
(117 |
) |
|
|
3,334 |
|
|
|
1,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
15,089 |
|
|
|
10,107 |
|
|
|
79,416 |
|
|
|
87,022 |
|
Net income attributable to noncontrolling interest |
|
516 |
|
|
|
474 |
|
|
|
(3,927 |
) |
|
|
(7,276 |
) |
Net income attributable to the Company's stockholders |
$ |
15,605 |
|
|
$ |
10,581 |
|
|
$ |
75,489 |
|
|
$ |
79,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share attributable to the Company's stockholders - Basic and
diluted: |
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
0.31 |
|
|
$ |
0.21 |
|
|
$ |
1.49 |
|
|
$ |
1.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
0.30 |
|
|
$ |
0.21 |
|
|
$ |
1.48 |
|
|
$ |
1.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computation of earnings per share
attributable to the Company's stockholders: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
50,933 |
|
|
|
50,645 |
|
|
|
50,816 |
|
|
|
50,627 |
|
Diluted |
|
51,334 |
|
|
|
50,963 |
|
|
|
51,124 |
|
|
|
50,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETFor the Periods Ended
September 30, 2019 and December 31, 2018(Unaudited)
|
September
30, |
|
December
31, |
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
(In
thousands) |
ASSETS |
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
97,602 |
|
|
$ |
98,802 |
|
Restricted cash and cash equivalents |
|
82,435 |
|
|
|
78,693 |
|
Receivables: |
|
|
|
|
|
Trade |
|
139,226 |
|
|
|
137,581 |
|
Other |
|
18,482 |
|
|
|
19,393 |
|
Inventories |
|
39,324 |
|
|
|
45,024 |
|
Costs and estimated earnings in excess of billings on uncompleted
contracts |
|
43,125 |
|
|
|
42,130 |
|
Prepaid expenses and other |
|
12,116 |
|
|
|
51,441 |
|
Total current assets |
|
432,310 |
|
|
|
473,064 |
|
Investment
in an unconsolidated company |
|
73,714 |
|
|
|
71,983 |
|
Deposits and
other |
|
21,078 |
|
|
|
18,209 |
|
Deferred
income taxes |
|
131,820 |
|
|
|
113,760 |
|
Property,
plant and equipment, net |
|
1,962,637 |
|
|
|
1,959,578 |
|
Construction-in-process |
|
352,013 |
|
|
|
261,690 |
|
Operating
lease right of use |
|
58,170 |
|
|
|
— |
|
Financing
lease right of use |
|
18,046 |
|
|
|
— |
|
Deferred
financing and lease costs, net |
|
957 |
|
|
|
3,242 |
|
Intangible
assets, net |
|
188,815 |
|
|
|
199,874 |
|
Goodwill |
|
19,933 |
|
|
|
19,950 |
|
Total assets |
$ |
3,259,493 |
|
|
$ |
3,121,350 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
137,176 |
|
|
$ |
116,362 |
|
Short-term revolving credit lines with banks (full recourse) |
|
— |
|
|
|
159,000 |
|
Commercial paper |
|
50,000 |
|
|
|
— |
|
Billings in excess of costs and estimated earnings on uncompleted
contracts |
|
6,003 |
|
|
|
18,402 |
|
Current portion of long-term debt: |
|
|
|
|
|
Limited and non-recourse: |
|
|
|
|
|
Senior secured notes |
|
39,393 |
|
|
|
33,493 |
|
Other loans |
|
34,135 |
|
|
|
29,687 |
|
Full recourse |
|
76,572 |
|
|
|
5,000 |
|
Operating
lease liabilities |
|
6,253 |
|
|
|
— |
|
Finance
lease liabilities |
|
3,191 |
|
|
|
— |
|
Total current liabilities |
|
352,723 |
|
|
|
361,944 |
|
Long-term
debt, net of current portion: |
|
|
|
|
|
Limited and non-recourse: |
|
|
|
|
|
Senior secured notes |
|
344,924 |
|
|
|
375,337 |
|
Other loans |
|
326,227 |
|
|
|
320,242 |
|
Full
recourse: |
|
|
|
|
|
Senior unsecured bonds |
|
286,401 |
|
|
|
303,575 |
|
Other loans |
|
73,384 |
|
|
|
41,579 |
|
Operating
lease liabilities |
|
17,698 |
|
|
|
— |
|
Finance
lease liabilities |
|
12,224 |
|
|
|
— |
|
Liability
associated with sale of tax benefits |
|
118,811 |
|
|
|
69,893 |
|
Deferred
lease income |
|
43,264 |
|
|
|
48,433 |
|
Deferred
income taxes |
|
86,475 |
|
|
|
61,323 |
|
Liability
for unrecognized tax benefits |
|
15,053 |
|
|
|
11,769 |
|
Liabilities
for severance pay |
|
18,570 |
|
|
|
17,994 |
|
Asset
retirement obligation |
|
44,810 |
|
|
|
39,475 |
|
Other
long-term liabilities |
|
5,400 |
|
|
|
16,087 |
|
Total liabilities |
|
1,745,964 |
|
|
|
1,667,651 |
|
|
|
|
|
|
|
Redeemable
non-controlling interest |
|
8,741 |
|
|
|
8,603 |
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
The Company's stockholders' equity: |
|
|
|
|
|
Common stock |
|
51 |
|
|
|
51 |
|
Additional paid-in capital |
|
910,651 |
|
|
|
901,363 |
|
Retained earnings (accumulated deficit) |
|
480,879 |
|
|
|
422,222 |
|
Accumulated other comprehensive income (loss) |
|
(10,848 |
) |
|
|
(3,799 |
) |
|
|
1,380,733 |
|
|
|
1,319,837 |
|
Noncontrolling interest |
|
124,055 |
|
|
|
125,259 |
|
Total equity |
|
1,504,788 |
|
|
|
1,445,096 |
|
Total liabilities and equity |
$ |
3,259,493 |
|
|
$ |
3,121,350 |
|
|
|
|
|
|
|
ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIESReconciliation of
EBITDA and Adjusted EBITDAFor the Three- and Nine-Month Periods
Ended September 30, 2019 and 2018(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 nine-month periods ended September 30,
2019 and 2018.
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
(in thousands) |
Net income |
$ |
15,089 |
|
|
$ |
10,107 |
|
|
$ |
79,416 |
|
|
$ |
87,022 |
|
Adjusted
for: |
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net (including amortization |
|
|
|
|
|
|
|
|
|
|
|
of
deferred financing costs) |
|
19,594 |
|
|
|
18,486 |
|
|
|
61,621 |
|
|
|
48,374 |
|
Income tax
(benefit) provision |
|
9,626 |
|
|
|
1,184 |
|
|
|
20,136 |
|
|
|
3,347 |
|
Adjustment
to investment in unconsolidated company: |
|
|
|
|
|
|
|
|
|
|
|
our
proportionate share in interest, tax and depreciation and
amortization |
|
2,644 |
|
|
|
3,784 |
|
|
|
7,884 |
|
|
|
11,768 |
|
Depreciation
and amortization |
|
36,365 |
|
|
|
33,687 |
|
|
|
106,982 |
|
|
|
94,983 |
|
EBITDA |
$ |
83,318 |
|
|
$ |
67,248 |
|
|
$ |
276,039 |
|
|
$ |
245,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark-to-market gains or losses from accounting for derivatives |
|
(330 |
) |
|
|
(297 |
) |
|
|
(1,909 |
) |
|
|
1,202 |
|
Stock-based
compensation |
|
2,228 |
|
|
|
3,559 |
|
|
|
7,231 |
|
|
|
7,382 |
|
Insurance
proceeds in excess of assets carrying value |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,150 |
) |
Termination
fee |
|
— |
|
|
|
4,973 |
|
|
|
— |
|
|
|
4,973 |
|
Merger and
acquisition transaction cost |
|
250 |
|
|
|
120 |
|
|
|
750 |
|
|
|
2,790 |
|
Write-off of
unsuccessful exploration activities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
119 |
|
Adjusted
EBITDA |
$ |
85,466 |
|
|
$ |
75,603 |
|
|
$ |
282,111 |
|
|
$ |
254,810 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Puna's
related EBITDA |
|
1,490 |
|
|
|
1,650 |
|
|
|
(1,311 |
) |
|
|
(4,905 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA excluding Puna's impact |
|
86,956 |
|
|
|
77,253 |
|
|
|
280,800 |
|
|
|
249,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIESReconciliation of
Adjusted Net Income attributable to the Company's stockholdersFor
the Three-Month and Nine-Month Periods Ended September 30, 2019 and
2018(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-month and
nine-month periods ended September 30, 2019 and 2018.
|
|
Three Months Ended September 30 |
|
|
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Net income
attributable to the Company's stockholders |
|
$ |
15.6 |
|
$ |
10.6 |
|
|
|
|
|
|
|
|
|
One-timetermination fee |
|
|
— |
|
|
5.0 |
|
|
|
|
|
|
|
|
|
Adjusted Net income attributable to the Company's
stockholders |
|
$ |
15.6 |
|
$ |
15.6 |
|
|
|
|
|
|
|
|
|
Weighted
average number of shares diluted used in computation of earnings
per share attributable to the Company's stockholders: |
|
|
51.3 |
|
|
51.0 |
|
|
|
|
|
|
|
|
|
Diluted Adjusted EPS |
|
|
0.30 |
|
|
0.31 |
|
|
|
|
|
|
|
|
|
1 Ormat Technologies, Inc. is also referred to herein as the
“Company”, “Ormat”, “we” or “us”2 Diluted EPS excludes $2.5 million
and $2.6 million related to Puna in the three months ended
September 30, 2019 and 2018, respectively3 Reconciliation is set
forth below in this release4 Reconciliation is set forth below in
this release5 Reconciliation is set forth below in this release
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 FNK IR 646-415-8972
rob@FNKIR.com |
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