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, 2022.
KEY FINANCIAL RESULTS
(Dollars in millions, except per share) |
Q4 2022 |
|
Q4 2021 |
|
Change (%) |
|
FY 2022 |
|
FY 2021 |
|
Change (%) |
|
GAAP Measures |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Electricity |
165.2 |
|
164.3 |
|
0.6 |
% |
631.7 |
|
585.8 |
|
7.8 |
% |
Product |
32.2 |
|
20.3 |
|
58.2 |
% |
71.4 |
|
46.9 |
|
52.2 |
% |
Energy Storage & Management Services |
8.1 |
|
6.4 |
|
27.3 |
% |
31.0 |
|
30.4 |
|
2.1 |
% |
Total Revenues |
205.5 |
|
191.0 |
|
7.6 |
% |
734.1 |
|
663.1 |
|
10.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin (%) |
|
|
|
|
|
|
|
|
|
|
|
|
Electricity |
43.5 |
% |
44.1 |
% |
|
|
39.8 |
% |
42.5 |
% |
|
|
Product |
22.8 |
% |
10.6 |
% |
|
|
15.3 |
% |
11.8 |
% |
|
|
Energy Storage & Management Services |
11.7 |
% |
16.4 |
% |
|
|
21.0 |
% |
33.0 |
% |
|
|
Gross margin (%) |
39.0 |
% |
39.6 |
% |
|
|
36.6 |
% |
39.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
30.2 |
|
54.9 |
|
(44.9 |
)% |
152.8 |
|
169.4 |
|
(9.8 |
)% |
Net income attributable to the
Company’s stockholders |
18.0 |
|
18.9 |
|
(4.6 |
)% |
65.8 |
|
62.1 |
|
6.0 |
% |
Diluted EPS ($) |
0.32 |
|
0.34 |
|
(5.9 |
)% |
1.17 |
|
1.10 |
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Measures 1 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net income
attributable to the Company’s stockholders |
41.2 |
|
22.8 |
|
80.3 |
% |
92.2 |
|
78.6 |
|
17.3 |
% |
Adjusted Diluted EPS ($) |
0.73 |
|
0.41 |
|
78.1 |
% |
1.63 |
|
1.39 |
|
17.1 |
% |
Adjusted EBITDA1 |
124.7 |
|
116.0 |
|
7.5 |
% |
435.5 |
|
401.4 |
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
“The fourth quarter marked a strong finish to an
excellent 2022, with 10.7% top-line growth across all three
segments of our business. We continue to make progress toward our
long-term goals, and during 2022 we added 78MW of new generating
capacity to our operating portfolio. We also signed up to 365MW of
Power Purchase Agreements (PPAs) and a tolling agreement with
improved economics in the Electricity and Storage segments,” said
Doron Blachar, Ormat’s Chief Executive Officer. “In addition, we
see a notable recovery in the Product segment with considerably
higher revenues, improved margins and new product contracts that
increased our backlog to pre-Covid-19 levels demonstrating the
growing global demand for geothermal energy.”
Blachar added, “As we look toward 2023, we
expect to benefit from the contributions of new geothermal and
solar power plants in our Electricity segment that started
operation in the second half of 2022 and the addition of 170MW of
new capacity that we expect to bring online during the year, of
which 66 MW is in the Electricity segment and 104 MW is in the
Storage segment. We also expect improved performance in our Product
segment which is supported by a $148 million backlog.”
“We expect to deliver a 10% to 17% increase in
2023 Adjusted EBITDA, reaching between $480 to $510 million,
supported by 170 MW of operating assets to be added during the
year. On an annualized basis in the following years, these assets
are expected to add between $25 to $30 million of additional
adjusted EBITDA versus partial operation in 2023.
“We continue to see strong tailwinds globally
for renewable energy supported by both the Inflation Reduction Act
(IRA) benefits, which we expect will reduce our capital needs and
boost our EPS in the coming years, as well the significant demand
for geothermal energy and storage driven by surging fossil fuel
prices and global decarbonization. We are on track with our
capacity expansions in both the Electricity and the Storage
segments, with the potential to add approximately 700 MW by the end
of 2025. We expect this will have a positive impact on future top
and bottom line as well as EBITDA growth. We firmly believe that
our strategy, high-quality assets, and advantageous cost structure
position Ormat to succeed in the current and future macro
environment.”
FINANCIAL AND RECENT BUSINESS
HIGHLIGHTS
-
Net income attributable to the Company's stockholders for the
fourth quarter and for the year 2022 was $18.0 million and $65.8
million, respectively, a decrease of 4.6% and an increase of 6.0%,
respectively, compared to last year. Diluted EPS for the fourth
quarter and for the year 2022 was $0.32 and $1.17 per share,
respectively, a decrease of 5.9% and an increase of 6.4%,
respectively, compared to last year.
- Adjusted net
income attributable to the Company's stockholders and diluted
adjusted EPS for the fourth quarter increased 80.3% and 78.1%
compared to last year. Adjusted net income attributable to the
Company's stockholders and diluted adjusted EPS for the full year
2022 increased 17.3% and 17.1% compared to last year. Adjusted net
income attributable to the Company's stockholders and diluted
adjusted EPS mainly excluded the $30.5 million pre-tax non-cash
impairment charge from Brawley ($24.1 million or $0.43 per share
after tax).
- Adjusted EBITDA
for the fourth quarter and for the year 2022 was $124.7 million and
$435.5 million, respectively, an increase of 7.5% and 8.5%,
respectively, compared to last year.
- Electricity
segment revenues increased 0.6% for the fourth quarter and 7.8% for
the year compared to last year, supported by contributions from the
new projects added, as well as higher capacity and rates observed
at Puna. This increase was impacted by the shutdown of Heber 1
following the fire in early 2022.
- We recorded in
the fourth quarter of 2022 a non-cash impairment pre-tax loss of
$30.5 million related to our Brawley power plant in California. We
believe that we can operate the plant economically at 7 MW, or 6 MW
lower than the current capacity. In addition, we are planning to
add 35 MW solar plus storage facility adjacent to the geothermal
projects and utilizing existing interconnection at the Brawley
complex.
- Heber 1 is
experiencing a partial outage due to a fire in early 2022. We have
decided not to rebuild the Heber 1 power plant and we settled the
insurance claim related to the fire event including all business
interruption and property damage claims. We are currently
optimizing the Heber complex through a repowering, which is
expected to be completed in the second quarter of 2023.
- Product segment
revenues increased 58.2% for the fourth quarter and 52.2% for the
year compared to 2021, supported by contributions from newly signed
contracts in Indonesia, Nicaragua, and New Zealand. Margins
improved 1,220 basis points quarter over quarter.
- Product segment
backlog as of February 22, 2023, grew by approximately 8.0%
compared to last quarter driven by a contract signed to supply
equipment to the Ijen project in Indonesia. Backlog stands at
$148.1 million as of February 22, 2023.
- Energy Storage
segment revenues increased 27.3% for the fourth quarter and 2.1%
for the year compared to 2021, supported by higher rates at PJM.
Revenue growth for the year comparatively offset by higher revenues
from Rabbit Hill in February of 2021 as a result of elevated energy
prices during the power crisis in Texas.
IN ADDITION, THE COMPANY:
- Signed a
Financing Agreement with PT Sarana Multi Infrastruktur (Persero)
(“SMI”) for the development of the Ijen Geothermal Power Plant in
Indonesia. The Ijen power plant, which is controlled by our local
partner, is expected to generate 31 MW by the end of 2024.
2023 GUIDANCE
- Total revenues
of between $823 million and $858 million.
- Electricity
segment revenues between $670 million and $685 million.
- Product segment
revenues of between $120 million and $135 million.
- Energy Storage
revenues of between $33 million and $38 million.
- Adjusted EBITDA
to be between $480 million and $510 million.
- Adjusted EBITDA
attributable to minority interest of approximately $36
million.
The Company provides a reconciliation of
Adjusted EBITDA, a non-GAAP financial measure for the three months
and year ended December 31, 2022. 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 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 22, 2023, 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 22, 2023, to
stockholders of record as of the close of business on March 8,
2023. 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 23, 2023, at 10:00 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 1,158 MW with a 1,070
MW geothermal and solar generation portfolio that is spread
globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and
Guadeloupe, and an 88 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”, “target”, “goal” 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" as described in Ormat’s Form
10-K filed with the Securities and Exchange Commission (“SEC”) on
February 25, 2022, 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, 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 Statement of
OperationsFor the Three-and Twelve-Month periods Ended
December 31, 2022, and 2021
|
Three Months Ended December 31, |
Twelve Months Ended December 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
(Dollars in thousands, except per share data) |
Revenues: |
|
|
|
|
Electricity |
165,187 |
|
164,268 |
|
631,727 |
|
585,771 |
|
Product |
32,177 |
|
20,340 |
|
71,414 |
|
46,920 |
|
Energy storage |
8,122 |
|
6,381 |
|
31,018 |
|
30,393 |
|
Total revenues |
205,486 |
|
190,989 |
|
734,159 |
|
663,084 |
|
Cost of revenues: |
|
|
|
|
Electricity |
93,270 |
|
91,883 |
|
380,361 |
|
337,019 |
|
Product |
24,835 |
|
18,194 |
|
60,479 |
|
41,374 |
|
Energy storage |
7,171 |
|
5,336 |
|
24,495 |
|
20,353 |
|
Total cost of revenues |
125,276 |
|
115,413 |
|
465,335 |
|
398,746 |
|
Gross profit |
80,210 |
|
75,576 |
|
268,824 |
|
264,338 |
|
Operating expenses: |
|
|
|
|
Research and development expenses |
1,388 |
|
950 |
|
5,078 |
|
4,129 |
|
Selling and marketing expenses |
3,783 |
|
4,264 |
|
16,193 |
|
15,199 |
|
General and administrative expenses |
14,119 |
|
15,501 |
|
61,274 |
|
75,901 |
|
Business interruption insurance income |
— |
|
— |
|
— |
|
(248 |
) |
Impairment charge |
30,695 |
|
— |
|
32,648 |
|
— |
|
Write-off of unsuccessful exploration activities |
1 |
|
— |
|
828 |
|
— |
|
Operating income |
30,224 |
|
54,861 |
|
152,803 |
|
169,357 |
|
Other income (expense): |
|
|
|
|
Interest income |
1,237 |
|
534 |
|
3,417 |
|
2,124 |
|
Interest expense, net |
(23,841 |
) |
(22,786 |
) |
(87,743 |
) |
(82,658 |
) |
Derivatives and foreign currency transaction gains (losses) |
(2,013 |
) |
1,509 |
|
(6,044 |
) |
(14,720 |
) |
Income attributable to sale of tax benefits |
7,540 |
|
7,928 |
|
33,885 |
|
29,582 |
|
Other non-operating income (expense), net |
(197 |
) |
174 |
|
(709 |
) |
(134 |
) |
Income from operations before income tax and equity in earnings
(losses) of investees |
12,950 |
|
42,220 |
|
95,609 |
|
103,551 |
|
Income tax (provision)
benefit |
8,778 |
|
(15,527 |
) |
(14,742 |
) |
(24,850 |
) |
Equity in earnings (losses) of
investees, net |
(1,498 |
) |
(4,420 |
) |
(3,072 |
) |
(2,624 |
) |
Net income |
20,230 |
|
22,273 |
|
77,795 |
|
76,077 |
|
Net income attributable to noncontrolling interest |
(2,190 |
) |
(3,368 |
) |
(11,954 |
) |
(13,985 |
) |
Net income attributable to the Company's stockholders |
18,040 |
|
18,905 |
|
65,841 |
|
62,092 |
|
Earnings per share
attributable to the Company's stockholders: |
|
|
|
|
Basic: |
0.32 |
|
0.34 |
|
1.17 |
|
1.11 |
|
Diluted: |
0.32 |
|
0.34 |
|
1.17 |
|
1.10 |
|
Weighted average number of shares used in computation of earnings
per share attributable to the Company's stockholders: |
|
|
|
|
Basic |
56,077 |
|
56,033 |
|
56,063 |
|
56,004 |
|
Diluted |
56,501 |
|
56,386 |
|
56,503 |
|
56,402 |
|
|
|
|
|
|
|
|
|
|
ORMAT TECHNOLOGIES, INC AND
SUBSIDIARIESCondensed Consolidated Balance
SheetFor the Periods Ended December 31, 2022 and 2021
|
December 31, 2022 |
|
December 31, 2021 |
ASSETS |
Current assets: |
|
|
|
Cash and cash equivalents |
95,872 |
|
|
239,278 |
|
Marketable securities at fair value |
— |
|
|
43,343 |
|
Restricted cash and cash equivalents |
130,804 |
|
|
104,166 |
|
Receivables: |
|
|
|
Trade |
128,818 |
|
|
122,944 |
|
Other |
32,415 |
|
|
18,144 |
|
Inventories |
22,832 |
|
|
28,445 |
|
Costs and estimated earnings in excess of billings on uncompleted
contracts |
16,405 |
|
|
9,692 |
|
Prepaid expenses and other |
29,571 |
|
|
35,920 |
|
Total current assets |
456,717 |
|
|
601,932 |
|
Investment in unconsolidated
companies |
115,693 |
|
|
105,886 |
|
Deposits and other |
39,762 |
|
|
78,915 |
|
Deferred income taxes |
161,365 |
|
|
143,450 |
|
Property, plant and equipment,
net |
2,493,457 |
|
|
2,294,973 |
|
Construction-in-process |
893,198 |
|
|
721,483 |
|
Operating leases right of
use |
23,411 |
|
|
19,357 |
|
Finance leases right of
use |
3,806 |
|
|
6,414 |
|
Intangible assets, net |
333,845 |
|
|
363,314 |
|
Goodwill |
90,325 |
|
|
89,954 |
|
Total assets |
4,611,579 |
|
|
4,425,678 |
|
|
|
|
|
LIABILITIES AND EQUITY |
Current liabilities: |
|
|
|
Accounts payable and accrued expenses |
149,423 |
|
|
143,186 |
|
Billings in excess of costs and estimated earnings on uncompleted
contracts |
8,785 |
|
|
9,248 |
|
Current portion of long-term debt: |
|
|
|
Limited and non-recourse (primarily related to VIEs): |
64,044 |
|
|
61,695 |
|
Full recourse |
101,460 |
|
|
313,846 |
|
Financing Liability |
16,270 |
|
|
10,835 |
|
Operating lease liabilities |
2,347 |
|
|
2,564 |
|
Finance lease liabilities |
1,581 |
|
|
2,782 |
|
Total current liabilities |
343,910 |
|
|
544,156 |
|
Long-term debt, net of current
portion: |
|
|
|
Limited and non-recourse: |
521,885 |
|
|
539,664 |
|
Full recourse: |
676,512 |
|
|
740,335 |
|
Convertible senior notes |
420,805 |
|
|
— |
|
Financing liability |
225,759 |
|
|
242,029 |
|
Operating lease liabilities |
19,788 |
|
|
16,462 |
|
Finance lease liabilities |
2,262 |
|
|
4,361 |
|
Liability associated with sale
of tax benefits |
166,259 |
|
|
134,953 |
|
Deferred income taxes |
83,465 |
|
|
84,662 |
|
Liability for unrecognized tax
benefits |
6,559 |
|
|
5,730 |
|
Liabilities for severance
pay |
12,833 |
|
|
15,694 |
|
Asset retirement
obligation |
97,660 |
|
|
84,891 |
|
Other long-term
liabilities |
3,317 |
|
|
4,951 |
|
Total liabilities |
2,581,014 |
|
|
2,417,888 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
Redeemable noncontrolling
interest |
9,590 |
|
|
9,329 |
|
|
|
|
|
Equity: |
|
|
|
The Company's stockholders' equity: |
|
|
|
Common stock |
56 |
|
|
56 |
|
Additional paid-in capital |
1,259,072 |
|
|
1,271,925 |
|
Treasury stock, at cost |
(17,964 |
) |
|
- |
|
Retained earnings |
623,907 |
|
|
585,209 |
|
Accumulated other comprehensive income (loss) |
2,500 |
|
|
(2,191 |
) |
Total stockholders' equity attributable to Company's
stockholders |
1,867,571 |
|
|
1,854,999 |
|
Noncontrolling interest |
153,404 |
|
|
143,462 |
|
Total equity |
2,020,975 |
|
|
1,998,461 |
|
Total liabilities, redeemable noncontrolling interest and
equity |
4,611,579 |
|
|
4,425,678 |
|
|
|
|
|
|
|
ORMAT TECHNOLOGIES, INC AND
SUBSIDIARIESReconciliation of EBITDA and Adjusted
EBITDA For the three and twelve-month periods
ended December 31, 2022, and 2021
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,
(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 its
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.
Starting in the fourth quarter of 2022, we
include accretion expenses related to asset retirement obligation
in the adjustments to net income when calculating EBITDA and
adjusted EBITDA. The presentation of EBITDA and adjusted EBITDA
includes accretion expenses for the fiscal year ended December 31,
2022, however the prior years have not been recast to include
accretion expenses as the amounts were immaterial.
The following table reconciles net income to
EBITDA and Adjusted EBITDA for the three and twelve-month periods
ended December 31, 2022, and 2021:
|
Three Months Ended December 31, |
|
Year endedDecember 31, |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
(Dollars in thousands) |
|
(Dollars in thousands) |
Net income |
20,230 |
|
|
22,273 |
|
|
77,795 |
|
|
76,077 |
|
Adjusted for: |
|
|
|
|
|
|
|
Interest expense, net
(including amortization of deferred financing costs) |
22,604 |
|
|
22,252 |
|
|
84,326 |
|
|
80,534 |
|
Income tax provision
(benefit) |
(8,778 |
) |
|
15,527 |
|
|
14,742 |
|
|
24,850 |
|
Adjustment to investment in an
unconsolidated company: our proportionate share in interest
expense, tax and depreciation and amortization in Sarulla |
3,758 |
|
|
6,427 |
|
|
13,199 |
|
|
14,680 |
|
Depreciation, amortization and
accretion |
55,637 |
|
|
47,427 |
|
|
198,603 |
|
|
177,930 |
|
EBITDA |
93,451 |
|
|
113,906 |
|
|
388,665 |
|
|
374,071 |
|
Mark-to-market on derivative
instruments |
(1,064 |
) |
|
(355 |
) |
|
1,613 |
|
|
741 |
|
Stock-based compensation |
3,017 |
|
|
2,328 |
|
|
11,646 |
|
|
9,168 |
|
Make-whole premium related to
long-term debt prepayment |
— |
|
|
— |
|
|
1,102 |
|
|
— |
|
Reversal of a contingent
liability related to a business combination transaction |
(1,829 |
) |
|
— |
|
|
(1,829 |
) |
|
(418 |
) |
Impairment of long-lived
assets |
30,693 |
|
|
— |
|
|
32,648 |
|
|
— |
|
Allowance for bad debt related
to February power crisis in Texas |
— |
|
|
— |
|
|
115 |
|
|
2,980 |
|
Merger and acquisition
transaction costs |
427 |
|
|
138 |
|
|
675 |
|
|
5,635 |
|
Hedge losses resulting from
February power crisis in Texas |
— |
|
|
— |
|
|
— |
|
|
9,133 |
|
Tender-related deposits
write-off |
— |
|
|
— |
|
|
— |
|
|
134 |
|
Write-off of unsuccessful
exploration activities |
— |
|
|
— |
|
|
828 |
|
|
— |
|
Adjusted EBITDA |
124,695 |
|
|
116,017 |
|
|
435,463 |
|
|
401,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ORMAT TECHNOLOGIES, INC AND SUBSIDIARIESReconciliation of
Adjusted Net Income attributable to the Company's stockholders and
Adjusted EPS For the Three and twelve-month periods ended December
31, 2022, and 2021
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 tables reconciles Net income
attributable to the Company's stockholders and Adjusted EPS for the
three and twelve-month periods ended December 31, 2022, and
2021.
|
Three Months EndedDecember 31, |
|
Year Ended December 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
GAAP Net income attributable
to the Company's stockholders |
18.0 |
|
18.9 |
|
65.8 |
|
62.1 |
Hedge losses resulting from
February power crisis in Texas |
— |
|
— |
|
— |
|
8.8 |
Impairment of long-lived
assets |
24.3 |
|
— |
|
25.8 |
|
— |
Write-off of unsuccessful
exploration activities |
— |
|
— |
|
0.7 |
|
— |
Sarulla tax asset
write-off |
— |
|
3.9 |
|
— |
|
3.9 |
Merger and acquisition
transaction costs |
0.3 |
|
— |
|
0.5 |
|
3.7 |
Reversal of a contingent
liability related to a business combination transaction |
(1.4) |
|
— |
|
(1.4) |
|
— |
Make-whole premium related to
repayment of long-term debt |
— |
|
— |
|
0.8 |
|
— |
Adjusted Net income
attributable to the Company's stockholders |
41.2 |
|
22.8 |
|
92.2 |
|
78.6 |
GAAP diluted EPS |
0.32 |
|
0.34 |
|
1.17 |
|
1.10 |
Hedge losses resulting from
February power crisis in Texas |
— |
|
— |
|
— |
|
0.16 |
Impairment of long-lived
assets |
0.43 |
|
— |
|
0.46 |
|
— |
Write-off of unsuccessful
exploration activities |
— |
|
— |
|
0.01 |
|
— |
Sarulla tax asset
write-off |
— |
|
0.07 |
|
— |
|
0.07 |
Merger and acquisition
transaction costs |
0.01 |
|
— |
|
0.01 |
|
0.07 |
Reversal of a contingent
liability related to a business combination transaction |
(0.03) |
|
— |
|
(0.03) |
|
— |
Make-whole premium related to
repayment of long-term debt |
— |
|
— |
|
0.01 |
|
— |
Diluted Adjusted EPS ($) |
0.73 |
|
0.41 |
|
1.63 |
|
1.39 |
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 |
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