RENO, Nev., Nov. 07, 2016 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE:ORA) today announced financial results for the third quarter ended September 30, 2016.
| Third Quarter Summary: | |||||
| Three Months ended September 30 | |||||
| ($ millions, except EPS data) | 2016 | 2015 | Change | ||
| Revenues | |||||
| Electricity | 109.8 | 97.2 | 12.9 | % | |
| Product | 74.8 | 65.6 | 14.0 | % | |
| Total Revenues | 184.6 | 162.9 | 13.4 | % | |
| Gross margin | 74.5 | 59.3 | 25.6 | % | |
| Operating income | 48.2 | 46.5 | 3.7 | % | |
| Operating income, As Adjusted (1) | 59.2 | 46.5 | 27.4 | % | |
| Adjusted EBITDA([2]) | 85.4 | 79.0 | 8.1 | % | |
| GAAP EPS | 0.24 | 1.41 | -83.0 | % | |
| EPS, As Adjusted(3) | 0.56 | 0.46 | 21.7 | % | |
1 Operating income, as adjusted, excludes $11.0 million of one-time settlement expenses.
2 Adjusted EBITDA for the third quarter of 2016 include $3.5 million of income attributable to sale of tax benefits compared to $8.6 million for the third quarter of 2015.
3 EPS, as adjusted, excludes an $11.0 million one-time settlement expenses and $5.0 million one-time prepayment fees for the third quarter of 2016 and $48.7 million tax benefit and related expenses for the third quarter of 2015.
Third Quarter 2016 Highlights and Recent Developments:
- Electricity segment revenues of $109.8 million, up 12.9% compared to the third quarter of 2015, mainly due to new power plants commencing operations in the fourth quarter of 2015 and early 2016, higher energy rates at the Heber 1 power plant and the consolidation of the Guadeloupe power plant acquired from Geothermie Bouillante SA in July 2016;
- Electricity generation increased 10.8% compared to the third quarter of 2015, from 1.1 million MWh to 1.3 million MWh;
- Gross margin increased to 40.3% of total revenues compared to 36.4% in the third quarter of 2015, mainly as a result of improved operating efficiencies;
- Operating income increased 3.8% to $48.2 million, including of $11.0 million of one-time settlement expenses, compared to $46.5 million in the third quarter of 2015; excluding the one-time settlement expenses, operating income grew 27.4%;
- Net income attributable to the company's shareholders of $12.1 million or $0.24 per diluted share, including $5.0 million of one-time fees related to the prepayment of the Company's senior unsecured bonds and $11.0 million of one-time settlement expenses, compared to $72.1 million or $1.41 per diluted share, including a $48.7 million tax benefit and related expenses related to a tax law change in Kenya, in the third quarter of 2015;
- Net income attributable to the company's shareholders of $28.1 million or $0.56 per diluted share excluding $5.0 million of one-time fees and $11.0 million of one-time settlement expenses, compared to $23.4 million or $0.46 per diluted share, excluding the $48.7 million tax benefit and related expenses related to a tax law change in Kenya, in the third quarter of 2015; an increase of 21.7%;
- Adjusted EBITDA of $85.4 million, up 8.1% compared to $79.0 million in the third quarter of 2015. EBITDA and Adjusted EBITDA for the third quarter of 2016 include $3.5 million of income attributable to sale of tax benefits, compared to $8.6 million for the third quarter of 2015; and
- Declared a quarterly dividend of $0.07 per share for the third quarter of 2016.
“We continue to execute on our strategic plan and advance initiatives to enhance operational efficiency that will position Ormat for continued profitable growth,” Isaac Angel, Chief Executive Officer. “We again delivered double-digit revenue growth, due to strong performances from both our electricity and product segment, and prudent expense management enabled us to generate a 25.6% year-over-year increase in gross margin. We prepaid the $250 million high-cost indebtedness that was due on August 2017 and successfully raised over $200 million in two tranches of senior unsecured bonds, which will enable us to significantly reduce our ongoing interest expense. We also signed a settlement agreement with respect to the previously disclosed False Claims Act litigation to avoid the burden, inconvenience and expense of continued litigation with no admission of wrongdoing by Ormat. The total $16 million one-time expenses that we incurred in the third quarter (comprising the False Claims Act litigation settlement expenses and the prepayment premium on the bonds) will result in significant savings in future expenses. Our results exceeded expectations and give us confidence to increase 2016 guidance. We are increasingly optimistic about our growth and profitability prospects in 2017 and beyond.”
Guidance
Mr. Angel added, “We are well-ahead of the pace for our previous guidance, and with a strong backlog and increasing confidence in both our electricity and product segment, we are increasing our 2016 full-year outlook. We now expect full-year 2016 total revenue of between $637.0 million and $647.0 million, with product segment revenue of between $215.0 million and $220.0 million. For the electricity segment, we expect revenues to be between $422.0 million and $427.0 million. We now expect 2016 Adjusted EBITDA of between $318.0 million and $323.0 million for the full year.”
Financial Summary
Third Quarter Results
For the three months ended September 30, 2016, total revenues were $184.6 million, up from $162.9 million for the three months ended September 30, 2015, an increase of 13.4%. Electricity segment revenues increased 12.9% to $109.8 million in the three months ended September 30, 2016, up from $97.2 million for the three months ended September 30, 2015. Product segment revenues increased 14.0% to $74.8 million for the three months ended September 30, 2016, up from $65.6 million in the three months ended September 30, 2015.
General and administrative expenses for the three months ended September 30, 2016 were $19.1 million, compared to $8.0 million for the three months ended September 30, 2015. The increase was mainly due to a non-recurring $11.0 million expense related to a settlement of the previously disclosed False Claims Act litigation. Excluding the one-time expenses, general and administrative expenses for the three months ended September 30, 2016 constituted 4.5% of total revenues for the period, compared to 4.9% for the three months ended September 30, 2015.
Other non-operating expense for the three months ended September 30, 2016 was $5.5 million, including of prepayment fees of approximately $5.0 million due to the repayment of the Company's senior unsecured bonds in September 2016, compared to $0.1 million for the three months ended September 30, 2015.
Income tax provision for the three months ended September 30, 2016 was $12.0 million, compared to income tax benefit of $38.2 million for the three months ended September 30, 2015. Income tax benefit for the three months ended September 30, 2015 includes a $49.4 million deferred tax asset relating to the release of the valuation allowance for the additional 50% investment deduction for our Olkaria 3 power plant based on amendments to the Kenya Income Tax Act that came into effect on September 11, 2015 and which extended the period to utilize such investment deduction from five years to ten years. Income tax provision for the three months ended September 30, 2015, excluding the $49.4 million, was $11.2 million.
The company reported net income attributable to the company’s shareholders of $12.1 million, including $11.0 million in one-time settlement expenses and $5.0 million in repayment fees, each referenced above, or $0.24 per diluted share, compared to net income attributable to the company’s shareholders of $72.1 million, including a $48.7 million tax benefit and related expenses, also referenced above, or $1.41 per diluted share, for the same period last year.
Net income attributable to the company’s shareholders of $28.1 million or $0.56 per diluted share excluding $16 million one-time expenses comprising the False Claims Act litigation settlement expenses and the prepayment premium on the bonds , compared to $23.4 million, excluding $48.7 million tax benefit and related expenses, or $0.46 per diluted share, for the third quarter of 2015;
Adjusted EBITDA for the three months ended September 30, 2016 was $85.4 million, compared to $79.0 million for the three months ended September 30, 2015, an increase of 8.1%. EBITDA and Adjusted EBITDA for the third quarter of 2016 includes $3.5 million of Income attributable to sale of tax benefits compared to $8.6 million for the third quarter of 2015. The reconciliation of GAAP net cash provided by (used in) operating activities and net income to EBITDA and Adjusted EBITDA and additional cash flow information is set forth below in this release.
On November 7, 2016, Ormat's Board of Directors approved payment of a quarterly dividend of $0.07 per share pursuant to the company’s dividend policy. The dividend will be paid on December 6, 2016 to shareholders of record as of the close of business on November 21, 2016.
Conference Call Details
Ormat will host a conference call to discuss its financial results and other matters discussed in this press release at 9 a.m. ET on Tuesday, November 8, 2016. 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 Events & Presentations in the Investor Relations section of Ormat’s website.
An archive of the webcast will be available approximately 30 minutes after the conclusion of the live call.
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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 72 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 450 employees in the United States and over 600 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for the 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 2,000 MW of gross capacity. Ormat’s current 710 MW generating portfolio is spread globally in the U.S., Guatemala, Guadeloupe, and Kenya.
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 Technologies, Inc.’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 26, 2016.
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 Subsidiaries | |||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||
| For the Three-Month Periods Ended September 30, 2016 and 2015 | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||||||||
| (In thousands, except per share data) | (In thousands, except per share data) | ||||||||||||||
| Revenues: | |||||||||||||||
| Electricity | $ | 109,795 | $ | 97,245 | $ | 321,664 | $ | 278,124 | |||||||
| Product | 74,822 | 65,607 | 174,408 | 145,446 | |||||||||||
| Total revenues | 184,617 | 162,852 | 496,072 | 423,570 | |||||||||||
| Cost of revenues: | |||||||||||||||
| Electricity | 66,481 | 61,501 | 192,410 | 179,604 | |||||||||||
| Product | 43,647 | 42,019 | 99,504 | 89,826 | |||||||||||
| Total cost of revenues | 110,128 | 103,520 | 291,914 | 269,430 | |||||||||||
| Gross margin | 74,489 | 59,332 | 204,158 | 154,140 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development expenses | 1,086 | 335 | 2,030 | 1,112 | |||||||||||
| Selling and marketing expenses | 4,793 | 4,383 | 12,136 | 12,099 | |||||||||||
| General and administrative expenses | 19,093 | 7,950 | 36,625 | 25,597 | |||||||||||
| Write-off of unsuccessful exploration activities | 1,294 | 185 | 2,714 | 359 | |||||||||||
| Operating income | 48,223 | 46,479 | 150,653 | 114,973 | |||||||||||
| Other income (expense): | |||||||||||||||
| Interest income | 266 | 53 | 831 | 106 | |||||||||||
| Interest expense, net | (17,137 | ) | (17,748 | ) | (51,561 | ) | (54,435 | ) | |||||||
| Derivatives and foreign currency transaction gains (losses) | (222 | ) | 1,296 | (2,592 | ) | (641 | ) | ||||||||
| Income attributable to sale of tax benefits | 3,463 | 8,634 | 12,380 | 18,917 | |||||||||||
| Other non-operating expense, net | (5,546 | ) | (131 | ) | (5,306 | ) | (1,523 | ) | |||||||
| Income before income taxes and equity in | |||||||||||||||
| losses of investees | 29,047 | 38,583 | 104,405 | 77,397 | |||||||||||
| Income tax provision (benefit) | (11,988 | ) | 38,211 | (29,387 | ) | 26,696 | |||||||||
| Equity in losses of investees, net | (2,653 | ) | (3,133 | ) | (4,734 | ) | (4,892 | ) | |||||||
| Net income | 14,406 | 73,661 | 70,284 | 99,201 | |||||||||||
| Net income attributable to noncontrolling interest | (2,326 | ) | (1,522 | ) | (4,584 | ) | (2,616 | ) | |||||||
| Net income attributable to the Company's stockholders | $ | 12,080 | $ | 72,139 | $ | 65,700 | $ | 96,585 | |||||||
| Earnings per share attributable to the Company's stockholders - Basic and diluted: | |||||||||||||||
| Basic: | |||||||||||||||
| Net Income | $ | 0.24 | $ | 1.47 | $ | 1.33 | $ | 2.00 | |||||||
| Diluted: | |||||||||||||||
| Net Income | $ | 0.24 | $ | 1.41 | $ | 1.31 | $ | 1.93 | |||||||
| Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders: | |||||||||||||||
| Basic | 49,599 | 49,023 | 49,410 | 48,388 | |||||||||||
| Diluted | 50,289 | 51,113 | 50,097 | 50,011 | |||||||||||
| Ormat Technologies, Inc. and Subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| As of September 30, 2016 and December 31, 2015 | ||||||||
| (Unaudited) | ||||||||
| September 30, | December 31, | |||||||
| 2016 | 2015 | |||||||
| (In thousands) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 90,066 | $ | 185,919 | ||||
| Restricted cash, cash equivalents and marketable securities | 50,525 | 49,503 | ||||||
| Receivables: | ||||||||
| Trade | 65,198 | 55,301 | ||||||
| Other | 13,645 | 7,885 | ||||||
| Inventories | 12,973 | 18,074 | ||||||
| Costs and estimated earnings in excess of billings on uncompleted contracts | 38,025 | 25,120 | ||||||
| Prepaid expenses and other | 38,940 | 33,334 | ||||||
| Total current assets | 309,372 | 375,136 | ||||||
| Deposits and other | 18,738 | 17,968 | ||||||
| Deferred charges | 40,690 | 42,811 | ||||||
| Property, plant and equipment, net | 1,570,307 | 1,559,335 | ||||||
| Construction-in-process | 271,853 | 248,835 | ||||||
| Deferred financing and lease costs, net | 5,188 | 4,022 | ||||||
| Intangible assets, net | 56,052 | 25,875 | ||||||
| Goodwill | 7,071 | — | ||||||
| Total assets | $ | 2,279,271 | $ | 2,273,982 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 102,854 | $ | 91,955 | ||||
| Billings in excess of costs and estimated earnings on uncompleted contracts | 37,134 | 33,892 | ||||||
| Current portion of long-term debt: | ||||||||
| Limited and non-recourse: | ||||||||
| Senior secured notes | 28,121 | 29,930 | ||||||
| Other loans | 21,494 | 21,495 | ||||||
| Full recourse | 12,302 | 11,229 | ||||||
| Total current liabilities | 201,905 | 188,501 | ||||||
| Long-term debt, net of current portion: | ||||||||
| Limited and non-recourse: | ||||||||
| Senior secured notes | 273,017 | 294,476 | ||||||
| Other loans | 267,210 | 275,888 | ||||||
| Full recourse: | ||||||||
| Senior unsecured bonds | 203,483 | 249,698 | ||||||
| Other loans | 12,373 | 18,687 | ||||||
| Accumulated losses of unconsolidated company in excess of investment | 16,664 | 8,100 | ||||||
| Liability associated with sale of tax benefits | 1,043 | 11,665 | ||||||
| Deferred lease income | 55,460 | 58,099 | ||||||
| Deferred income taxes | 34,961 | 32,654 | ||||||
| Liability for unrecognized tax benefits | 10,260 | 10,385 | ||||||
| Liabilities for severance pay | 19,020 | 19,323 | ||||||
| Asset retirement obligation | 22,099 | 20,856 | ||||||
| Other long-term liabilities | 20,862 | 1,776 | ||||||
| Total liabilities | 1,138,357 | 1,190,108 | ||||||
| Reedemable non-controlling interest | 4,972 | — | ||||||
| Equity: | ||||||||
| The Company's stockholders' equity: | ||||||||
| Common stock | 50 | 49 | ||||||
| Additional paid-in capital | 859,855 | 849,223 | ||||||
| Retained earnings (accumulated deficit) | 191,627 | 148,396 | ||||||
| Accumulated other comprehensive income (loss) | (11,503 | ) | (7,667 | ) | ||||
| 1,040,029 | 990,001 | |||||||
| Noncontrolling interest | 95,913 | 93,873 | ||||||
| Total equity | 1,135,942 | 1,083,874 | ||||||
| Total liabilities and equity | $ | 2,279,271 | $ | 2,273,982 | ||||
Ormat Technologies, Inc. and Subsidiaries
Reconciliation of EBITDA, Adjusted EBITDA and Additional Cash Flows Information
For the Three-Month Periods Ended September 30, 2016 and 2015
(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 cost, (vi) stock-based compensation, (vii) gains or losses from extinguishment of liability, (viii) gains or losses on sale of subsidiary and property, plant and equipment and (ix) settlement expenses. 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 tables reconcile net cash provided by (used in) operating activities and net income to EBITDA and Adjusted EBITDA for the three-month periods ended September 30, 2016 and 2015.
| Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||
| Net cash provided by operating activities | $ | 38,454 | $ | 10,239 | $ | 158,027 | $ | 122,965 | ||||||||
| Adjusted for: | ||||||||||||||||
| Interest expense, net (excluding amortization | ||||||||||||||||
| of deferred financing costs) | 15,977 | 15,244 | 47,269 | 47,571 | ||||||||||||
| Interest income | (266 | ) | (53 | ) | (831 | ) | (106 | ) | ||||||||
| Income tax provision | 11,988 | (38,211 | ) | 29,387 | (26,696 | ) | ||||||||||
| Adjustments to reconcile net income or loss to net cash | ||||||||||||||||
| provided by operating activities (excluding | ||||||||||||||||
| depreciation and amortization) | 2,259 | 91,326 | (10,178 | ) | 56,699 | |||||||||||
| EBITDA | $ | 68,412 | $ | 78,545 | $ | 223,674 | $ | 200,433 | ||||||||
| Mark-to-market gains or losses from accounting for derivatives | (1,697 | ) | (645 | ) | 797 | 2,794 | ||||||||||
| Stock-based compensation | 1,724 | 921 | 3,383 | 3,077 | ||||||||||||
| Gains or losses on sale of subsidiary and property, plant and equipment | (686 | ) | — | (686 | ) | — | ||||||||||
| Termination fees | — | — | — | — | ||||||||||||
| Impairment of long-lived assets | — | — | — | — | ||||||||||||
| Gains or losses from extinguishment of liability | 5,780 | — | 5,780 | 1,710 | ||||||||||||
| Merger and acquisition transaction cost | (412 | ) | — | 235 | 3,800 | |||||||||||
| Settlement expenses | 11,000 | — | 11,000 | — | ||||||||||||
| Write-off of unsuccessful exploration activities | 1,294 | 185 | 2,714 | 359 | ||||||||||||
| Adjusted EBITDA | $ | 85,415 | $ | 79,006 | $ | 246,897 | $ | 212,173 | ||||||||
| Net cash used in investing activities | $ | (69,900 | ) | $ | 2,895 | $ | (125,189 | ) | $ | (76,538 | ) | |||||
| Net cash provided by (used in) financing activities | $ | (71,044 | ) | $ | 20,742 | $ | (128,691 | ) | $ | 84,884 | ||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| (in thousands) | (in thousands) | |||||||||||||||
| Net income | $ | 14,406 | $ | 73,661 | $ | 70,284 | $ | 99,201 | ||||||||
| Adjusted for: | ||||||||||||||||
| Interest expense, net (including amortization | ||||||||||||||||
| of deferred financing costs) | 16,871 | 17,695 | 50,730 | 54,329 | ||||||||||||
| Income tax provision | 11,988 | (38,211 | ) | 29,387 | (26,696 | ) | ||||||||||
| Depreciation and amortization | 25,147 | 25,400 | 73,273 | 73,599 | ||||||||||||
| EBITDA | $ | 68,412 | $ | 78,545 | $ | 223,674 | $ | 200,433 | ||||||||
| Mark-to-market gains or losses from accounting for derivatives | (1,697 | ) | (645 | ) | 797 | 2,794 | ||||||||||
| Stock-based compensation | 1,724 | 921 | 3,383 | 3,077 | ||||||||||||
| Gains or losses on sale of subsidiary and property, plant and equipment | (686 | ) | — | (686 | ) | — | ||||||||||
| Termination fees | — | — | — | — | ||||||||||||
| Impairment of long-lived assets | ||||||||||||||||
| Gains or losses from extinguishment of liability | 5,780 | — | 5,780 | 1,710 | ||||||||||||
| Merger and acquisition transaction cost | (412 | ) | — | 235 | 3,800 | |||||||||||
| Settlement expenses | 11,000 | — | 11,000 | — | ||||||||||||
| Write-off of unsuccessful exploration activities | 1,294 | 185 | 2,714 | 359 | ||||||||||||
| Adjusted EBITDA | $ | 85,415 | $ | 79,006 | $ | 246,897 | $ | 212,173 | ||||||||
| Ormat Technologies, Inc. and Subsidiaries | ||||||||
| Reconciliation of EPS as adjusted | ||||||||
| For the Three-Month Periods Ended September 30, 2016 and 2015 | ||||||||
| (Unaudited) | ||||||||
| Three Months Ended September 30 | ||||||||
| 2016 | 2015 | |||||||
| (in thousands) | ||||||||
| Net income attributable to the Company's stockholders | $ | 12,080 | $ | 72,139 | ||||
| One-time settlement expenses | 11,000 | — | ||||||
| One-time prepayment fees | 5,000 | — | ||||||
| One-time tax benefit | — | (48,700 | ) | |||||
| Adjusted net income attributable to the Company's stockholders | $ | 28,080 | $ | 23,439 | ||||
| Weighted average number of shares diluted used in computation of earnings per share attributable to the Company's stockholders: | 50,289 | 51,113 | ||||||
| Adjusted earnings per share attributable to the Company's stockholders diluted: | 0.56 | 0.46 | ||||||