10-Q 1 ora20220930_10q.htm FORM 10-Q ora20220930_10q.htm
0001296445 ORMAT TECHNOLOGIES, INC. false --12-31 Q3 2022 90 90 2,347,641 2,159,696 339,206 366,924 9,899 7,825 97 192 9,565 11,304 3,108 3,659 11,000 0 0.001 0.001 200,000,000 200,000,000 56,048,185 56,048,185 56,056,450 56,056,450 258,667 0 0.12 0 0.12 0 0 0.11 0 0 0.12 0 0.12 0 0.12 0 0 5 0.6 4.0 14.4 4.3 2.8 0.8 0 0 6 1 4 0 10 November 16, 2022 November 30, 2022 The gross amount of receivables due under the Dixie Valley and Beowawe PPAs is $7.8 million. These receivables were fully collected during the third quarter of 2021. Including unconsolidated investments 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 September 30, 2022 and December 31, 2021, as applicable. These amounts are included within "Prepaid expenses and other", “Deposits and other” and "Accounts payable and accrued expenses", as applicable, in the condensed consolidated balance sheets on September 30, 2022 and December 31, 2021. There are no cash collateral deposits on September 30, 2022 and December 31, 2021. Carrying amount value excludes the related deferred financing costs. Electricity segment assets include goodwill in the amount of $85.1 million and $86.7 million as of September 30, 2022 and 2021, respectively. Energy Storage segment assets include goodwill in the amount of $4.6 million and $4.6 as of September 30, 2022 and 2021, respectively. No goodwill is included in the Product segment assets as of September 30, 2022 and 2021. These amounts relate to contingent payables and warrants pertaining to the Guadeloupe power plant purchase transaction, valued primarily based on unobservable inputs and are included within “Other long-term liabilities” in the condensed consolidated balance sheets on September 30, 2022 and December 31, 2021, 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 $25.6 million and $71.6 million for the three and nine months ended September 30, 2022, and $19.0 and $59.0 million for the three and nine months ended September 30, 2021, respectively, that are accounted under ASC 606. Product and Energy Storage segment revenues in the United States are accounted under ASC 606. Goodwill is primarily related to the expected synergies and potential cost savings in operations as a result of the purchase transaction. The goodwill is allocated to the Electricity segment and is deductible for tax purposes pending the exercise of the financial lease buy-out option as described below. 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” and "Accounts payable and accrued expenses", as applicable, in the condensed consolidated balance sheets on September 30, 2022 and December 31, 2021, 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. Electricity segment revenues in foreign countries are all accounted under lease accounting. Product segment revenues in foreign countries are accounted under ASC 606. 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 nine months ended September 30, 2022 as a result of performance obligations having not been fully satisfied yet. 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 condensed 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. The price swap transaction was terminated effective April 1, 2021. The foregoing cross currency swap transactions were designated as a cash flow hedge as further described under Note 1 to the condensed 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 condensed consolidated statements of operations and comprehensive income. Finance liability is related to a sale and leaseback transaction entered into by the Seller in September 2015 under which it sold and leased back the undivided interests in the Dixie Valley power plant asset through June 2038. The lease transaction was accounted for by the Seller as a finance lease due to the Seller continued involvement and management of the power plant and the existence of an early buy-out option in September 2024. As per the accounting guidance, the Company retained the Seller's accounting of a "failed" sale and leaseback transaction and accordingly accounted for the liability as a financial liability. This financial liability, as well as the related power plant asset, were measured at their acquisition-date fair value. Resulted in an amount lower than $1 thousand. 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Table of Contents



 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


Form 10-Q


 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2022

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

(Registrants 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 November 1, 2022, the number of outstanding shares of common stock, par value $0.001 per share, was 56,048,185.

 

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 SEPTEMBER 30, 2022

 

PART I  FINANCIAL INFORMATION

4
   

ITEM 1.

FINANCIAL STATEMENTS

4

     

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION  AND RESULTS OF OPERATIONS

31

     

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

63

     

ITEM 4.

CONTROLS AND PROCEDURES          

63

     

PART II  OTHER INFORMATION

64

   

ITEM 1.

LEGAL PROCEEDINGS          

64

     

ITEM 1A.

RISK FACTORS          

64

     

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS          

65

     

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES          

66

     

ITEM 4.

MINE SAFETY DISCLOSURES          

66

     

ITEM 5.

OTHER INFORMATION          

66

     

ITEM 6.

EXHIBITS          

66

     

SIGNATURES            

67

 

  

 

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)

  

September

30, 2022

  

December

31, 2021

 
  

(Dollars in thousands)

 

ASSETS

 

Current assets:

        

Cash and cash equivalents

 $154,633  $239,278 

Marketable securities at fair value

     43,343 

Restricted cash and cash equivalents (primarily related to VIEs)

  98,402   104,166 

Receivables:

        

Trade less allowance for credit losses of $90 and $90, respectively (primarily related to VIEs)

  117,277   122,944 

Other

  20,646   18,144 

Inventories

  29,805   28,445 

Costs and estimated earnings in excess of billings on uncompleted contracts

  17,354   9,692 

Prepaid expenses and other

  36,858   35,920 

Total current assets

  474,975   601,932 

Investment in unconsolidated companies

  117,182   105,886 

Deposits and other

  38,250   78,915 

Deferred income taxes

  134,585   143,450 

Property, plant and equipment, net ($2,347,641 and $2,159,696 related to VIEs, respectively)

  2,509,932   2,294,973 

Construction-in-process ($339,206 and $366,924 related to VIEs, respectively)

  795,891   721,483 

Operating leases right of use ($9,899 and $7,825 related to VIEs, respectively)

  20,958   19,357 

Finance leases right of use ($97 and $192 related to VIEs, respectively)

  3,974   6,414 

Intangible assets, net

  339,042   363,314 

Goodwill

  89,742   89,954 

Total assets

 $4,524,531  $4,425,678 
         

LIABILITIES AND EQUITY

 

Current liabilities:

        

Accounts payable and accrued expenses

 $159,637  $143,186 

Billings in excess of costs and estimated earnings on uncompleted contracts

  14,034   9,248 

Current portion of long-term debt:

        

Limited and non-recourse (primarily related to VIEs)

  76,668   61,695 

Full recourse

  101,268   313,846 

Financing liability

  16,270   10,835 

Operating lease liabilities

  2,291   2,564 

Finance lease liabilities

  1,860   2,782 

Total current liabilities

  372,028   544,156 

Long-term debt, net of current portion:

        

Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $9,565 and $11,304, respectively)

  478,941   539,664 

Full recourse (less deferred financing costs of $3,108 and $3,659, respectively)

  693,159   740,335 

Convertible senior notes (less deferred financing costs of $11,000 and $0, respectively)

  420,250    

Financing liability

  225,759   242,029 

Operating lease liabilities

  18,302   16,462 

Finance lease liabilities

  2,202   4,361 

Liability associated with sale of tax benefits

  117,113   134,953 

Deferred income taxes

  77,787   84,662 

Liability for unrecognized tax benefits

  6,572   5,730 

Liabilities for severance pay

  13,601   15,694 

Asset retirement obligation

  92,426   84,891 

Other long-term liabilities

  5,682   4,951 

Total liabilities

  2,523,822   2,417,888 
         

Commitments and contingencies (Note 10)

          
         

Redeemable noncontrolling interest

  8,433   9,329 
         

Equity:

        

The Company's stockholders' equity:

        

Common stock, par value $0.001 per share; 200,000,000 shares authorized; 56,048,185 and 56,056,450 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively

  56   56 

Additional paid-in capital

  1,256,058   1,271,925 

Treasury stock, at cost (258,667 and 0 shares held as of September 30, 2022 and December 31, 2021, respectively)

  (17,964)   

Retained earnings

  612,832   585,209 

Accumulated other comprehensive income (loss)

  (4,477)  (2,191)

Total stockholders' equity attributable to Company's stockholders

  1,846,505   1,854,999 

Noncontrolling interest

  145,771   143,462 

Total equity

  1,992,276   1,998,461 

Total liabilities, redeemable noncontrolling interest and equity

 $4,524,531  $4,425,678 

 

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

September 30,

  

Nine Months Ended

September 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(Dollars in thousands,

except per share data)

  

(Dollars in thousands,

except per share data)

 

Revenues:

                

Electricity

 $152,820  $142,651  $466,540  $421,503 

Product

  14,217   10,527   39,237   26,580 

Energy storage

  8,848   5,664   22,896   24,012 

Total revenues

  175,885   158,842   528,673   472,095 

Cost of revenues:

                

Electricity

  97,053   81,549   287,091   245,136 

Product

  11,664   9,182   35,644   23,180 

Energy storage

  6,060   4,971   17,324   15,017 

Total cost of revenues

  114,777   95,702   340,059   283,333 

Gross profit

  61,108   63,140   188,614   188,762 

Operating expenses:

                

Research and development expenses

  1,238   1,175   3,690   3,179 

Selling and marketing expenses

  4,093   2,671   12,410   10,935 

General and administrative expenses

  16,057   23,554   47,155   60,400 

Business interruption insurance income

     (248)     (248)

Write-off of Energy Storage projects and assets

        1,954    

Write-off of unsuccessful exploration activities

  827      827    

Operating income

  38,893   35,988   122,578   114,496 

Other income (expense):

                

Interest income

  1,659   519   2,180   1,590 

Interest expense, net

  (22,403)  (22,230)  (63,902)  (59,872)

Derivatives and foreign currency transaction gains (losses)

  (293)  (21)  (4,031)  (16,229)

Income attributable to sale of tax benefits

  9,113   7,879   26,345   21,654 

Other non-operating income (expense), net

  673   44   (512)  (308)

Income from operations before income tax and equity in earnings (losses) of investees

  27,642   22,179   82,658   61,331 

Income tax provision

  (7,227)  (2,048)  (23,520)  (9,323)

Equity in earnings (losses) of investees, net

  (589)  649   (1,574)  1,796 

Net income

  19,826   20,780   57,564   53,804 

Net income attributable to noncontrolling interest

  (1,716)  (5,878)  (9,764)  (10,617)

Net income attributable to the Company's stockholders

 $18,110  $14,902  $47,800  $43,187 

Comprehensive income:

                

Net income

  19,826   20,780   57,564   53,804 

Other comprehensive income (loss), net of related taxes:

                

Change in foreign currency translation adjustments

  (3,824)  (632)  (8,439)  (2,042)

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

  2,916   983   8,361   3,504 

Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge

  (217)  (2,694)  (4,217)  (5,294)

Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0)

  (1)  2   40   (9)

Other changes in comprehensive income

  15   15   45   48 

Total other comprehensive income (loss), net of related taxes:

  (1,111)  (2,326)  (4,210)  (3,793)

Comprehensive income

  18,715   18,454   53,354   50,011 

Comprehensive income attributable to noncontrolling interest

  (934)  (5,553)  (7,840)  (9,851)

Comprehensive income attributable to the Company's stockholders

 $17,781  $12,901  $45,514  $40,160 
                 

Earnings per share attributable to the Company's stockholders:

                

Basic:

 $0.32  $0.27  $0.85  $0.77 

Diluted:

 $0.32  $0.26  $0.85  $0.77 

Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:

                

Basic

  55,999   56,003   56,058   55,995 

Diluted

  56,457   56,298   56,479   56,413 

 

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, 2020

  55,983  $56  $1,262,446  $  $550,103  $(6,620) $1,805,985  $135,452  $1,941,437 

Stock-based compensation

        2,097            2,097      2,097 

Exercise of stock-based awards by employees and directors (*)

  1                         

Stock issuance costs reimbursement

        285            285      285 

Cash paid to noncontrolling interest

                       (3,898)  (3,898)

Cash dividend declared, $0.12 per share

              (6,718)     (6,718)     (6,718)

Net income

              15,259      15,259   2,290   17,549 

Other comprehensive income (loss), net of related taxes:

                                    

Change in foreign currency translation adjustments

                 (1,253)  (1,253)  (573)  (1,826)

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

                 3,755   3,755      3,755 

Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge

                 (2,798)  (2,798)     (2,798)

Other

                 16   16      16 

Change in unrealized gains (losses) in respect of investment in marketable securities (net of related tax of $0)

                 (20)  (20)     (20)

Balance at March 31, 2021

  55,984  $56  $1,264,828  $  $558,644  $(6,920) $1,816,608  $133,271  $1,949,879 
                                     

Balance as of the beginning of the period

  55,984  $56  $1,264,828  $  $558,644  $(6,920) $1,816,608  $133,271  $1,949,879 

Stock-based compensation

        2,623            2,623      2,623 

Exercise of stock-based awards by employees and directors (*)

  13                         

Cash paid to noncontrolling interest

                       (426)  (426)

Cash dividend declared, $0.12 per share

              (6,448)     (6,448)     (6,448)

Net income

              13,026      13,026   1,795   14,821 

Other comprehensive income (loss), net of related taxes:

                                    

Currency translation adjustment

                 284   284   132   416 

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)

                 (1,234)  (1,234)     (1,234)

Change in unrealized gains or losses in respect of a cross currency swap derivative instrument that qualifies as a cash flow hedge

                 198   198      198 

Other

                 17   17      17 

Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0)

                 9   9      9 

Balance at June 30, 2021

  55,997  $56  $1,267,451  $  $565,222  $(7,646) $1,825,083  $134,772  $1,959,855 
                                     

Balance as of the beginning of the period

  55,997  $56  $1,267,451  $  $565,222  $(7,646) $1,825,083  $134,772  $1,959,855 

Stock-based compensation

        2,120            2,120      2,120 

Exercise of stock-based awards by employees and directors (*)

  5                         

Stock issuance costs reimbursement

        (3)           (3)     (3)

Cash paid to noncontrolling interest

                       (1,487)  (1,487)

Cash dividend declared, $0.11 per share

              (6,716)     (6,716)     (6,716)

Net income

              14,902      14,902   6,011   20,913 

Other comprehensive income (loss), net of related taxes:

                                    

Currency translation adjustment

                 (307)  (307)  (325)  (632)

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)

                 983   983      983 

new

                 (2,694)  (2,694)     (2,694)

Other comprehensive income (loss)

                 15   15      15 

Change in unrealized gains or losses on marketable securities available-for-sale (net of related tax of $0)

                 2   2      2 

Balance at September 30, 2021

  56,002  $56  $1,269,568  $  $573,408  $(9,647) $1,833,385  $138,971  $1,972,356 
                                     

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