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August 16, 2023
August 30, 2023
April 2, 2023
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December 31, 2023
December 31, 2023
Including unconsolidated investments
The foregoing cross currency swap transactions were designated as a cash flow hedge as further described under Note 1 to the consolidated financial statements. The changes in the cross currency swap fair value are initially recorded in "Other comprehensive income (loss)" and a corresponding amount is reclassified out of "Accumulated other comprehensive income (loss)" to "Derivatives and foreign currency transaction gains (losses)" to offset the remeasurement of the underlying hedged transaction which also impacts the same line item in the consolidated statements of operations and comprehensive income.
Carrying amount value excludes the related deferred financing costs.
These amounts relate to cross currency swap contracts valued primarily based on the present value of the cross
currency swap future settlement prices for U.S. Dollar (“USD”) and New Israeli Shekel (“NIS”) zero yield curves and
the applicable exchange rate as of March 31, 2023 and December 31, 2022, as applicable. These amounts are included
within “Prepaid expenses and other”, “Deposits and other”, "Accounts payable and accrued expenses", or “Other longterm
liabilities”, as applicable, in the condensed consolidated balance sheets on March 31, 2023 and December 31,
2022. There are no cash collateral deposits on March 31, 2023 and December 31, 2022.
The foregoing currency forward and price swap transactions were not designated as hedge transactions and were marked to market with the corresponding gains or losses recognized within “Derivatives and foreign currency transaction gains (losses)” in the consolidated statements of operations and comprehensive income. The price swap transaction was related to a hedging agreement with a third party that was effective January 1, 2021 under which the Company fixed the price per MWh on a portion of RRS provided by its Rabbit Hill storage facility, as described under Note 1 to the consolidated financial statements. The price swap transaction was terminated effective April 1, 2021.
Presented under “Cash and cash equivalents” in the condensed consolidated balance sheets.
These amounts relate to currency forward contracts valued primarily based on observable inputs, including forward
and spot prices for currencies, net of contracted rates and then multiplied by notional amounts, and are included within
“Receivables, other” or “Accounts payable and accrued expenses”, as applicable, in the condensed consolidated
balance sheets on March 31, 2023 and December 31, 2022, with the corresponding gain or loss being recognized
within “Derivatives and foreign currency transaction gains (losses)” in the condensed consolidated statements of
operations and comprehensive income.
Intersegment revenues are fully eliminated in consolidation.
Electricity segment revenues in the United States are all accounted under lease accounting except for $32.7 million for
the three months ended March 31, 2023, and $22.8 million for the three months ended March 31, 2022, respectively,
that are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted
under ASC 606.
The amount of gain or (loss) recognized in Other comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020 is net of tax of $0.5 million, $0.8 million and $1.1 million, respectively.
Electricity segment assets include goodwill in the amount of $85.8 million and $86.0 million as of March 31, 2023 and
2022, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 as of
March 31, 2023 and 2022, respectively. No goodwill is included in the Product segment assets as of March 31, 2023
and 2022.
Contract assets and contract liabilities are presented as "Costs and estimated earnings in excess of billings on uncompleted contracts" and "Billings in excess of costs and estimated earnings on uncompleted contracts", respectively, on the condensed consolidated balance sheets. The contract liabilities balance at the beginning of the year was not yet fully recognized as product revenues during the three months ended March 31, 2023 as a result of performance obligations having not been fully satisfied yet.
Resulted in an amount lower than $1 thousand.
Electricity segment revenues in foreign countries are all accounted under lease accounting. Product segment revenues
in foreign countries are accounted under ASC 606.
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Table of Contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
| ☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 |
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| | For the transition period from to |
Commission file number: 001-32347
ORMAT TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 88-0326081 |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
| | |
| 6140 Plumas Street, Reno, Nevada | 89519-6075 |
| (Address of principal executive offices) | (Zip Code) |
(775) 356-9029
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
| Large accelerated filer ☑ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company ☐ |
| 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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No
As of August 1, 2023, the number of outstanding shares of common stock, par value $0.001 per share, was 60,260,334.
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | ORA | NYSE |
ORMAT TECHNOLOGIES, INC.
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2023
Certain Definitions
Unless the context otherwise requires, all references in this quarterly report to “Ormat”, “the Company”, “we”, “us”, “our company”, “Ormat Technologies” or “our” refer to Ormat Technologies, Inc. and its consolidated subsidiaries.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | June 30, 2023 | | | December 31, 2022 | |
| | | (Dollars in thousands) | |
| ASSETS | |
| Current assets: | | | | | | | | |
| Cash and cash equivalents | | $ | 275,066 | | | $ | 95,872 | |
| Restricted cash and cash equivalents (primarily related to VIEs) | | | 120,316 | | | | 130,804 | |
| Receivables: | | | | | | | | |
| Trade less allowance for credit losses of $90 and $90, respectively (primarily related to VIEs) | | | 148,060 | | | | 128,818 | |
| Other | | | 35,525 | | | | 32,415 | |
| Inventories | | | 37,900 | | | | 22,832 | |
| Costs and estimated earnings in excess of billings on uncompleted contracts | | | 21,786 | | | | 16,405 | |
| Prepaid expenses and other | | | 47,328 | | | | 29,571 | |
| Total current assets | | | 685,981 | | | | 456,717 | |
| Investment in unconsolidated companies | | | 126,451 | | | | 115,693 | |
| Deposits and other | | | 41,991 | | | | 39,762 | |
| Deferred income taxes | | | 166,477 | | | | 161,365 | |
| Property, plant and equipment, net ($2,652,845 and $2,326,491 related to VIEs, respectively) | | | 2,836,003 | | | | 2,493,457 | |
| Construction-in-process ($272,196 and $360,508 related to VIEs, respectively) | | | 714,850 | | | | 893,198 | |
| Operating leases right of use ($9,537 and $9,662 related to VIEs, respectively) | | | 23,223 | | | | 23,411 | |
| Finance leases right of use ($29 and $75 related to VIEs, respectively) | | | 4,365 | | | | 3,806 | |
| Intangible assets, net | | | 320,847 | | | | 333,845 | |
| Goodwill | | | 90,456 | | | | 90,325 | |
| Total assets | | $ | 5,010,644 | | | $ | 4,611,579 | |
| | | | | | | | | |
| LIABILITIES AND EQUITY | |
| Current liabilities: | | | | | | | | |
| Accounts payable and accrued expenses | | $ | 174,715 | | | $ | 149,423 | |
| Billings in excess of costs and estimated earnings on uncompleted contracts | | | 18,651 | | | | 8,785 | |
| Current portion of long-term debt: | | | | | | | | |
| Limited and non-recourse (primarily related to VIEs) | | | 59,938 | | | | 64,044 | |
| Full recourse | | | 110,070 | | | | 101,460 | |
| Financing liability | | | 15,454 | | | | 16,270 | |
| Operating lease liabilities | | | 2,703 | | | | 2,347 | |
| Finance lease liabilities | | | 1,678 | | | | 1,581 | |
| Total current liabilities | | | 383,209 | | | | 343,910 | |
| Long-term debt, net of current portion: | | | | | | | | |
| Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $8,483 and $10,272, respectively) | | | 484,078 | | | | 521,885 | |
| Full recourse (less deferred financing costs of $3,300 and $2,995, respectively) | | | 691,934 | | | | 676,512 | |
| Convertible senior notes (less deferred financing costs of $9,293 and $10,445, respectively) | | | 421,957 | | | | 420,805 | |
| Financing liability | | | 220,603 | | | | 225,759 | |
| Operating lease liabilities | | | 19,748 | | | | 19,788 | |
| Finance lease liabilities | | | 2,881 | | | | 2,262 | |
| Liability associated with sale of tax benefits | | | 150,212 | | | | 166,259 | |
| Deferred income taxes | | | 74,655 | | | | 83,465 | |
| Liability for unrecognized tax benefits | | | 6,684 | | | | 6,559 | |
| Liabilities for severance pay | | | 12,083 | | | | 12,833 | |
| Asset retirement obligation | | | 102,190 | | | | 97,660 | |
| Other long-term liabilities | | | 23,360 | | | | 3,317 | |
| Total liabilities | | | 2,593,594 | | | | 2,581,014 | |
| | | | | | | | | |
| Commitments and contingencies (Note 9) | | | | | | | | |
| | | | | | | | | |
| Redeemable noncontrolling interest | | | 10,008 | | | | 9,590 | |
| | | | | | | | | |
| Equity: | | | | | | | | |
| The Company's stockholders' equity: | | | | | | | | |
| Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,260,334 and 56,095,918 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | | | 60 | | | | 56 | |
| Additional paid-in capital | | | 1,609,298 | | | | 1,259,072 | |
| Treasury stock, at cost (258,667 shares held as of June 30, 2023 and December 31, 2022, respectively) | | | (17,964 | ) | | | (17,964 | ) |
| Retained earnings | | | 663,166 | | | | 623,907 | |
| Accumulated other comprehensive income (loss) | | | (170 | ) | | | 2,500 | |
| Total stockholders' equity attributable to Company's stockholders | | | 2,254,390 | | | | 1,867,571 | |
| Noncontrolling interest | | | 152,652 | | | | 153,404 | |
| Total equity | | | 2,407,042 | | | | 2,020,975 | |
| Total liabilities, redeemable noncontrolling interest and equity | | $ | 5,010,644 | | | $ | 4,611,579 | |
The accompanying notes are an integral part of the condensed consolidated financial statements.
ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
(Unaudited)
| |
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| |
|
(Dollars in thousands, except per share data) |
|
|
(Dollars in thousands, except per share data) |
|
| Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electricity |
|
$ |
155,324 |
|
|
$ |
151,195 |
|
|
$ |
325,634 |
|
|
$ |
313,720 |
|
| Product |
|
|
33,458 |
|
|
|
10,392 |
|
|
|
43,500 |
|
|
|
25,020 |
|
| Energy storage |
|
|
6,014 |
|
|
|
7,491 |
|
|
|
10,894 |
|
|
|
14,048 |
|
| Total revenues |
|
|
194,796 |
|
|
|
169,078 |
|
|
|
380,028 |
|
|
|
352,788 |
|
| Cost of revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electricity |
|
|
109,424 |
|
|
|
95,517 |
|
|
|
204,182 |
|
|
|
190,038 |
|
| Product |
|
|
29,985 |
|
|
|
10,367 |
|
|
|
39,336 |
|
|
|
23,980 |
|
| Energy storage |
|
|
5,897 |
|
|
|
5,593 |
|
|
|
10,951 |
|
|
|
11,264 |
|
| Total cost of revenues |
|
|
145,306 |
|
|
|
111,477 |
|
|
|
254,469 |
|
|
|
225,282 |
|
| Gross profit |
|
|
49,490 |
|
|
|
57,601 |
|
|
|
125,559 |
|
|
|
127,506 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development expenses |
|
|
2,083 |
|
|
|
1,388 |
|
|
|
3,371 |
|
|
|
2,452 |
|
| Selling and marketing expenses |
|
|
5,369 |
|
|
|
3,952 |
|
|
|
9,317 |
|
|
|
8,317 |
|
| General and administrative expenses |
|
|
17,814 |
|
|
|
13,526 |
|
|
|
35,481 |
|
|
|
31,098 |
|
| Write-off of Energy Storage projects and assets |
|
|
— |
|
|
|
128 |
|
|
|
— |
|
|
|
1,954 |
|
| Operating income |
|
|
24,224 |
|
|
|
38,607 |
|
|
|
77,390 |
|
|
|
83,685 |
|
| Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
|
4,942 |
|
|
|
179 |
|
|
|
6,793 |
|
|
|
521 |
|
| Interest expense, net |
|
|
(24,393 |
) |
|
|
(20,418 |
) |
|
|
(48,024 |
) |
|
|
(41,499 |
) |
| Derivatives and foreign currency transaction gains (losses) |
|
|
(1,272 |
) |
|
|
(3,998 |
) |
|
|
(3,209 |
) |
|
|
(3,738 |
) |
| Income attributable to sale of tax benefits |
|
|
14,979 |
|
|
|
9,527 |
|
|
|
27,545 |
|
|
|
17,232 |
|
| Other non-operating income (expense), net |
|
|
79 |
|
|
|
(1,260 |
) |
|
|
139 |
|
|
|
(1,185 |
) |
| Income from operations before income tax and equity in earnings of investees |
|
|
18,559 |
|
|
|
22,637 |
|
|
|
60,634 |
|
|
|
55,016 |
|
| Income tax (provision) benefit |
|
|
3,956 |
|
|
|
(6,130 |
) |
|
|
(4,929 |
) |
|
|
(16,293 |
) |
| Equity in losses (earnings) of investees |
|
|
1,996 |
|
|
|
(1,562 |
) |
|
|
2,267 |
|
|
|
(985 |
) |
| Net income |
|
|
24,511 |
|
|
|
14,945 |
|
|
|
57,972 |
|
|
|
37,738 |
|
| Net income attributable to noncontrolling interest |
|
|
(320 |
) |
|
|
(3,685 |
) |
|
|
(4,752 |
) |
|
|
(8,048 |
) |
| Net income attributable to the Company's stockholders |
|
$ |
24,191 |
|
|
$ |
11,260 |
|
|
$ |
53,220 |
|
|
$ |
29,690 |
|
| Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
24,511 |
|
|
|
14,945 |
|
|
|
57,972 |
|
|
|
37,738 |
|
| Other comprehensive income (loss), net of related taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Change in foreign currency translation adjustments |
|
|
393 |
|
|
|
(3,459 |
) |
|
|
(303 |
) |
|
|
(4,615 |
) |
| Change in unrealized gains or losses in respect of the Company's share in derivatives instruments of unconsolidated investment that qualifies as a cash flow hedge |
|
|
1,404 |
|
|
|
1,543 |
|
|
|
390 |
|
|
|
5,445 |
|
| Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge |
|
|
2,477 |
|
|
|
(2,095 |
) |
|
|
(2,926 |
) |
|
|
(4,000 |
) |
| Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0) |
|
|
— |
|
|
|
142 |
|
|
|
— |
|
|
|
41 |
|
| Other changes in comprehensive income |
|
|
14 |
|
|
|
15 |
|
|
|
28 |
|
|
|
30 |
|
| Total other comprehensive income (loss), net of related taxes: |
|
|
4,288 |
|
|
|
(3,854 |
) |
|
|
(2,811 |
) |
|
|
(3,099 |
) |
| Comprehensive income |
|
|
28,799 |
|
|
|
11,091 |
|
|
|
55,161 |
|
|
|
34,639 |
|
| Comprehensive income attributable to noncontrolling interest |
|
|
(569 |
) |
|
|
(2,842 |
) |
|
|
(4,611 |
) |
|
|
(6,906 |
) |
| Comprehensive income attributable to the Company's stockholders |
|
$ |
28,230 |
|
|
$ |
8,249 |
|
|
$ |
50,550 |
|
|
$ |
27,733 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings per share attributable to the Company's stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic: |
|
$ |
0.40 |
|
|
$ |
0.20 |
|
|
$ |
0.91 |
|
|
$ |
0.53 |
|
| Diluted: |
|
$ |
0.40 |
|
|
$ |
0.20 |
|
|
$ |
0.90 |
|
|
$ |
0.53 |
|
| Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
60,245 |
|
|
|
56,114 |
|
|
|
58,494 |
|
|
|
56,089 |
|
| Diluted |
|
|
60,634 |
|
|
|
56,498 |
|
|
|
58,901 |
|
|
|
56,431 |
|
The accompanying notes are an integral part of the condensed consolidated financial statements.
ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
| | | The Company's Stockholders' Equity | |
| | | | | | | | | | | | | | | | | | Accumulated | | | | | | | | | | |
| | | | | | | | | Additional | | | | | | | | Other | | | | | | | | | | |
| | | Common Stock | | Paid-in | | Treasury | | Retained | | Comprehensive | | | | | Noncontrolling | | Total | |
| | | Shares | | Amount | | Capital | | Stock | | Earnings | | Income (Loss) | | Total | | Interest | | Equity | |
| | | (Dollars in thousands, except per share data) | |
| Balance at December 31, 2021 | | | 56,056 | | $ | 56 | | $ | 1,271,925 | | $ | — | | $ | 585,209 | | $ | (2,191 | ) | $ | 1,854,999 | | $ | 143,462 | | $ | 1,998,461 | |
| Stock-based compensation | | | — | | | — | | | 2,814 | | | — | | | — | | | — | | | 2,814 | | | — | | | 2,814 | |
| Exercise of stock-based awards by employees and directors (*) | | | 16 | | | — | | | 99 | | | — | | | — | | | — | | | 99 | | | — | | | 99 | |
| Cash paid to noncontrolling interest | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (3,088 | ) | | (3,088 | ) |
| Cash dividend declared, $0.12 per share | | | — | | | — | | | — | | | — | | | (6,727 | ) | | — | | | (6,727 | ) | | — | | | (6,727 | ) |
| Net income | | | — | | | — | | | — | | | — | | | 18,430 | | | — | | | 18,430 | | | 4,105 | | | 22,535 | |
| Other comprehensive income (loss), net of related taxes: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Change in foreign currency translation adjustments | | | — | | | — | | | — | | | — | | | — | | | (857 | ) | | (857 | ) | | (299 | ) | | (1,156 | ) |
| Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge | | | — | | | — | | | — | | | — | | | — | | | 3,902 | | | 3,902 | | | — | | | 3,902 | |
| Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | | | — | | | — | | | — | | | — | | | — | | | (1,905 | ) | | (1,905 | ) | | — | | | (1,905 | ) |
| Other | | | — | | | — | | | — | | | — | | | — | | | 15 | | | 15 | | | — | | | 15 | |
| Change in unrealized gains (losses) in respect of investment in marketable securities (net of related tax of $0) | | | — | | | — | | | — | | | — | | | — | | | (101 | ) | | (101 | ) | | — | | | (101 | ) |
| Balance at March 31, 2022 | | | 56,072 | | $ | 56 | | $ | 1,274,838 | | $ | — | | $ | 596,912 | | $ | (1,137 | ) | $ | 1,870,669 | | $ | 144,180 | | $ | 2,014,849 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Balance as of the beginning of the period | | | 56,072 | | $ | 56 | | $ | 1,274,838 | | $ | — | | $ | 596,912 | | $ | (1,137 | ) | $ | 1,870,669 | | $ | 144,180 | | $ | 2,014,849 | |
| Stock-based compensation | | | — | | | — | | | 2,999 | | | — | | | — | | | — | | | 2,999 | | | — | | | 2,999 | |
| Exercise of stock-based awards by employees and directors (*) | | | 121 | | | — | | | (57 | ) | | — | | | — | | | — | | | (57 | ) | | — | | | (57 | ) |
| Purchase of treasury stock | | | (259 | ) | | — | | | — | | | (17,964 | ) | | — | | | — | | | (17,964 | ) | | — | | | (17,964 | ) |
| Purchase of capped call instruments | | | — | | | — | | | (24,538 | ) | | — | | | — | | | — | | | (24,538 | ) | | — | | | (24,538 | ) |
| Cash paid to noncontrolling interest | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (140 | ) | | (140 | ) |
| Cash dividend declared, $0.12 per share | | | — | | | — | | | — | | | — | | | (6,731 | ) | | — | | | (6,731 | ) | | — | | | (6,731 | ) |
| Net income | | | — | | | — | | | — | | | — | | | 11,260 | | | — | | | 11,260 | | | 3,470 | | | 14,730 | |
| Other comprehensive income (loss), net of related taxes: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Currency translation adjustment | | | — | | | — | | | — | | | — | | | — | | | (2,616 | ) | | (2,616 | ) | | (843 | ) | | (3,459 | ) |
| Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge(net of related tax of $0) | | | — | | | — | | | — | | | — | | | — | | | 1,543 | | | 1,543 | | | — | | | 1,543 | |
| Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | | | — | | | — | | | — | | | — | | | — | | | (2,095 | ) | | (2,095 | ) | | — | | | (2,095 | ) |
| Other | | | — | | | — | | | — | | | — | | | — | | | 15 | | | 15 | | | — | | | 15 | |
| Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0) | | | — | | | — | | | — | | | — | | | — | | | 142 | | | 142 | | | — | | | 142 | |
| Balance at June 30, 2022 | | | 55,934 | | $ | 56 | | $ | 1,253,242 | | $ | (17,964 | ) | $ | 601,441 | | $ | (4,148 | ) | $ | 1,832,627 | | $ | 146,667 | | $ | 1,979,294 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Balance at December 31, 2022 | | | 56,096 | | $ | 56 | | $ | 1,259,072 | | $ | (17,964 | ) | $ | 623,907 | | $ | 2,500 | | $ | 1,867,571 | | $ | 153,404 | | $ | 2,020,975 | |
| Stock-based compensation | | | — | | | — | | | 2,990 | | | — | | | — | | | — | | | 2,990 | | | — | | | 2,990 | |
| Exercise of stock-based awards by employees and directors (*) | | | — | | | — | | | 27 | | | — | | | — | | | — | | | 27 | | | — | | | 27 | |
| Issuance of common stock | | | 3,600 | | | 4 | | | 297,117 | | | — | | | — | | | — | | | 297,121 | | | — | | | 297,121 | |
| Cash paid to noncontrolling interest | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (2,360 | ) | | (2,360 | ) |
| Cash dividend declared, $0.12 per share | | | — | | | — | | | — | | | — | | | (6,732 | ) | | — | | | (6,732 | ) | | — | | | (6,732 | ) |
| Change in noncontrolling interest rights | | | — | | | — | | | 1,239 | | | — | | | — | | | — | | | 1,239 | | | (2,396 | ) | | (1,157 | ) |
| Net income | | | — | | | — | | | — | | | — | | | 29,029 | | | — | | | 29,029 | | | 4,235 | | | 33,264 | |
| Other comprehensive income (loss), net of related taxes: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Change in foreign currency translation adjustments | | | — | | | — | | | — | | | — | | | — | | | (306 | ) | | (306 | ) | | (390 | ) | | (696 | ) |
| Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge | | | — | | | — | | | — | | | — | | | — | | | (1,014 | ) | | (1,014 | ) | | — | | | (1,014 | ) |
| Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | | | — | | | — | | | — | | | — | | | — | | | (5,403 | ) | | (5,403 | ) | | — | | | (5,403 | ) |
| Other | | | — | | | — | | | — | | | — | | | — | | | 14 | | | 14 | | | — | | | 14 | |
| Balance at March 31, 2023 | | | 59,696 | | $ | 60 | | $ | 1,560,445 | | $ | (17,964 | ) | $ | 646,204 | | $ | (4,209 | ) | $ | 2,184,536 | | $ | 152,493 | | $ | 2,337,029 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Balance as of the beginning of the period | | | 59,696 | | $ | 60 | | $ | 1,560,445 | | $ | (17,964 | ) | $ | 646,204 | | $ | (4,209 | ) | $ | 2,184,536 | | $ | 152,493 | | $ | 2,337,029 | |
| Stock-based compensation | | | — | | | — | | | 4,311 | | | — | | | — | | | — | | | 4,311 | | | — | | | 4,311 | |
| Issuance of common stock | | | 540 | | | — | | | 44,542 | | | — | | | — | | | — | | | 44,542 | | | — | | | 44,542 | |
| Cash paid to noncontrolling interest | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (135 | ) | | (135 | ) |
| Cash dividend declared, $0.12 per share | | | — | | | — | | | — | | | — | | | (7,229 | ) | | — | | | (7,229 | ) | | — | | | (7,229 | ) |
| Net income | | | — | | | — | | | — | | | — | | | 24,191 | | | — | | | 24,191 | | | 45 | | | 24,236 | |
| Other comprehensive income (loss), net of related taxes: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Currency translation adjustment | | | — | | | — | | | — | | | — | | | — | | | 144 | | | 144 | | | 249 | | | 393 | |
| Change in unrealized gains or losses in respect of the Company's share in derivative instruments of unconsolidated investment that qualifies as a cash flow hedge | | | — | | | — | | | — | | | — | | | — | | | 1,404 | | | 1,404 | | | — | | | 1,404 | |
| Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge | | | — | | | — | | | — | | | — | | | — | | | 2,477 | | | 2,477 | | | — | | | 2,477 | |
| Other | | | — | | | — | | | — | | | — | | | — | | | 14 | | | 14 | | | — | | | 14 | |
| Balance at June 30, 2023 | | | 60,236 | | $ | 60 | | $ | 1,609,298 | | $ | (17,964 | ) | $ | 663,166 | | $ | (170 | ) | $ | 2,254,390 | | $ | 152,652 | | $ | 2,407,042 | |
(*) Resulted in an amount lower than $1 thousand.
The accompanying notes are an integral part of the condensed consolidated financial statements.
ORMAT TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
| |
|
Six Months Ended June 30, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
(Dollars in thousands) |
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
| Net income |
|
$ |
57,972 |
|
|
$ |
37,738 |
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
107,417 |
|
|
|
97,005 |
|
| Accretion of asset retirement obligation |
|
|
3,083 |
|
|
|
2,591 |
|
| Stock-based compensation |
|
|
7,301 |
|
|
|
5,813 |
|
| Income attributable to sale of tax benefits, net of interest expense |
|
|
(16,432 |
) |
|
|
(11,052 |
) |
| Equity in losses (earnings) of investees |
|
|
(2,267 |
) |
|
|
985 |
|
| Mark-to-market of derivative instruments |
|
|
591 |
|
|
|
3,911 |
|
| Disposal of property, plant and equipment |
|
|
23 |
|
|
|
2 |
|
| Write-off of Storage projects and assets |
|
|
— |
|
|
|
1,954 |
|
| Loss (gain) on severance pay fund asset |
|
|
296 |
|
|
|
978 |
|
| Loss from prepayment of a long-term loan |
|
|
— |
|
|
|
1,102 |
|
| Deferred income tax provision |
|
|
(13,933 |
) |
|
|
1,584 |
|
| Liability for unrecognized tax benefits |
|
|
125 |
|
|
|
514 |
|
| Other |
|
|
— |
|
|
|
576 |
|
| Changes in operating assets and liabilities, net of businesses acquired: |
|
|
|
|
|
|
|
|
| Receivables |
|
|
(29,603 |
) |
|
|
(646 |
) |
| Costs and estimated earnings in excess of billings on uncompleted contracts |
|
|
(5,381 |
) |
|
|
(4,131 |
) |
| Inventories |
|
|
(15,068 |
) |
|
|
(3,768 |
) |
| Prepaid expenses and other |
|
|
(4,271 |
) |
|
|
(6,424 |
) |
| Change in operating lease right of use asset |
|
|
1,440 |
|
|
|
1,586 |
|
| Deposits and other |
|
|
(5,156 |
) |
|
|
1,583 |
|
| Accounts payable and accrued expenses |
|
|
25,020 |
|
|
|
(15,128 |
) |
| Billings in excess of costs and estimated earnings on uncompleted contracts |
|
|
9,866 |
|
|
|
3,459 |
|
| Liabilities for severance pay |
|
|
(750 |
) |
|
|
(1,406 |
) |
| Change in operating lease liabilities |
|
|
(922 |
) |
|
|
(1,559 |
) |
| Other long-term liabilities |
|
|
11,154 |
|
|
|
(1,977 |
) |
| Net cash provided by operating activities |
|
|
130,505 |
|
|
|
115,290 |
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
| Purchase of marketable securities |
|
|
— |
|
|
|
(19,192 |
) |
| Maturities of marketable securities |
|
|
— |
|
|
|
32,645 |
|
| Sale of marketable securities |
|
|
— |
|
|
|
29,355 |
|
| Capital expenditures |
|
|
(266,713 |
) |
|
|
(263,439 |
) |
| Investment in unconsolidated companies |
|
|
(8,101 |
) |
|
|
(4,353 |
) |
| Decrease (increase) in severance pay fund asset, net of payments made to retired employees |
|
|
(128 |
) |
|
|
(52 |
) |
| Net cash used in investing activities |
|
|
(274,942 |
) |
|
|
(225,036 |
) |
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| Proceeds from long-term loans, net of transaction costs |
|
|
99,850 |
|
|
|
75,000 |
|
| Proceeds from exercise of options by employees |
|
|
27 |
|
|
|
42 |
|
| Proceeds from issuance of convertible notes, net of transaction costs |
|
|
— |
|
|
|
420,400 |
|
| Purchase of capped call instruments |
|
|
— |
|
|
|
(24,538 |
) |
| Purchase of treasury stock |
|
|
— |
|
|
|
(17,964 |
) |
| Prepayments of a long-term loan |
|
|
— |
|
|
|
(219,126 |
) |
| Cash received from noncontrolling interest |
|
|
7,341 |
|
|
|
5,443 |
|
| Repayments of long-term debt |
|
|
(115,182 |
) |
|
|
(96,875 |
) |
| Proceeds from issuance of common stock, net of related costs |
|
|
341,663 |
|
|
|
— |
|
| Cash paid to noncontrolling interest |
|
|
(3,584 |
) |
|
|
(3,863 |
) |
| Payments under finance lease obligations |
|
|
(955 |
) |
|
|
(1,677 |
) |
| Deferred debt issuance costs |
|
|