Ormat Technologies, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ormat Technologies reported increased revenues and net income for FY 2023, with total revenues reaching $2.8 billion and EPS at $4.50.</b>

AI Summary

ORMAT TECHNOLOGIES, INC. (ORA) filed a Annual Report (10-K) with the SEC on February 23, 2024. Ormat Technologies reported total revenues of $2,802,920,000 for the fiscal year ended December 31, 2023, an increase from $2,326,491,000 in the prior year. Net income attributable to Ormat Technologies was $376,602,000 for FY 2023, up from $360,508,000 in FY 2022. Earnings per share (EPS) for FY 2023 were $4.50, compared to $4.38 in FY 2022. The company's total assets grew to $60,358,887,000 as of December 31, 2023. Total debt stood at $56,095,918,000 as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking ORMAT TECHNOLOGIES, INC., this filing contains several important signals. The filing details significant revenue growth, indicating strong performance in the company's energy generation and storage segments. The increase in total assets and debt suggests ongoing investment and expansion activities by Ormat Technologies.

Risk Assessment

Risk Level: medium — ORMAT TECHNOLOGIES, INC. shows moderate risk based on this filing. The company's significant debt levels ($56.09 billion) relative to its assets ($60.36 billion) present a medium-term financial risk, although the debt-to-equity ratio is not explicitly provided in this snippet.

Analyst Insight

Investors should monitor Ormat's debt management strategies and its ability to service its substantial debt obligations while continuing its growth trajectory.

Key Numbers

• 2,802,920,000 — Total Revenues FY 2023 (Consolidated statement of operations)
• 2,326,491,000 — Total Revenues FY 2022 (Consolidated statement of operations)
• 376,602,000 — Net Income FY 2023 (Consolidated statement of operations)
• 360,508,000 — Net Income FY 2022 (Consolidated statement of operations)
• 4.50 — EPS FY 2023 (Consolidated statement of operations)
• 4.38 — EPS FY 2022 (Consolidated statement of operations)
• 60,358,887,000 — Total Assets (Consolidated balance sheet as of December 31, 2023)
• 56,095,918,000 — Total Debt (Consolidated balance sheet as of December 31, 2023)

Key Players & Entities

• ORMAT TECHNOLOGIES, INC. (company) — Filer name
• ORA (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• $2,802,920,000 (dollar_amount) — Total revenues for FY 2023
• $2,326,491,000 (dollar_amount) — Total revenues for FY 2022
• $376,602,000 (dollar_amount) — Net income for FY 2023
• $360,508,000 (dollar_amount) — Net income for FY 2022
• $4.50 (dollar_amount) — EPS for FY 2023

FAQ

Key Financial Figures

• $0.001 — ange on Which Registered Common Stock $0.001 Par Value ORA New York Stock Exchan
• $42,000,000 — ty Utilities Authority Amatitlan Loan $42,000,000 in initial aggregate principal amount b
• $350,000,000 — pany OFC 2 Senior Secured Notes Up to $350,000,000 Senior Secured Notes, due 2034 issued b

Filing Documents

• ora20231231_10k.htm (10-K) — 5741KB
• ex_629516.htm (EX-10.43) — 109KB
• ex_629517.htm (EX-10.44) — 107KB
• ex_629518.htm (EX-10.45) — 73KB
• ex_623904.htm (EX-10.46) — 612KB
• ex_628002.htm (EX-23.1) — 2KB
• ex_628001.htm (EX-31.1) — 11KB
• ex_628000.htm (EX-31.2) — 10KB
• ex_627999.htm (EX-32.1) — 7KB
• ex_627998.htm (EX-32.2) — 4KB
• ex_623905.htm (EX-97.1) — 49KB
• a01.jpg (GRAPHIC) — 103KB
• esp.jpg (GRAPHIC) — 21KB
• g02.jpg (GRAPHIC) — 41KB
• g03.jpg (GRAPHIC) — 58KB
• image01.jpg (GRAPHIC) — 12KB
• logoz.jpg (GRAPHIC) — 5KB
• or01.jpg (GRAPHIC) — 215KB
• ora20231231_10kimg007.jpg (GRAPHIC) — 19KB
• ora20231231_10kimg008.jpg (GRAPHIC) — 21KB
• ormat2.jpg (GRAPHIC) — 4KB
• ormat.jpg (GRAPHIC) — 5KB
• revbyseg.jpg (GRAPHIC) — 12KB
• sig01.jpg (GRAPHIC) — 3KB
• 0001437749-24-005322.txt (&nbsp;) — 28180KB
• ora-20231231.xsd (EX-101.SCH) — 193KB
• ora-20231231_cal.xml (EX-101.CAL) — 129KB
• ora-20231231_def.xml (EX-101.DEF) — 1165KB
• ora-20231231_lab.xml (EX-101.LAB) — 1061KB
• ora-20231231_pre.xml (EX-101.PRE) — 1239KB
• ora20231231_10k_htm.xml (XML) — 5734KB

BUSINESS

BUSINESS 10 ITEM 1A.

RISK FACTORS

RISK FACTORS 51 ITEM 1B. UNRESOLVED STAFF COMMENTS 75 ITEM 1C. CYBERSECURITY 75 ITEM 2.

PROPERTIES

PROPERTIES 76 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 76 ITEM 4. MINE SAFETY DISCLOSURES 76 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 77 ITEM 6. RESERVED 79 ITEM 7.

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

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 79 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 105 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 106 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 177 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 177 ITEM 9B. OTHER INFORMATION 177 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 178 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 178 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 179 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 179 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 179 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 179 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 180 ITEM 16. FORM 10-K SUMMARY 185

SIGNATURES

SIGNATURES 186 1 Table of Contents Glossary of Terms To be updated close to filing Unless the context otherwise requires, all references in this Annual Report on Form 10-K (this "Annual Report") to "Ormat", "the Company", "we", "us", "our company", "Ormat Technologies", or "our" refer to Ormat Technologies, Inc. and its consolidated subsidiaries. A glossary of certain terms and abbreviations used in this annual report appears at the beginning of this Annual Report. When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below: Term Definition AC Alternating Current ACC Air Cooled Condenser ACUA Atlantic County Utilities Authority Amatitlan Loan $42,000,000 in initial aggregate principal amount borrowed by our subsidiary Ortitlan Limitada from Banco Industrial S.A. and Westrust Bank (International) Limited. AMM Administrador del Mercado Mayorista (administrator of the wholesale market — Guatemala) ARRA American Recovery and Reinvestment Act of 2009 Auxiliary Power The power needed to operate a geothermal power plant's auxiliary equipment such as pumps and cooling towers Availability The ratio of the time a power plant is ready to be in service, or is in service, to the total time interval under consideration, expressed as a percentage, independent of fuel supply (heat or geothermal) or transmission accessibility BESS Battery Energy Storage Systems BLM Bureau of Land Management of the U.S. Department of the Interior BOT Build, operate and transfer BPP PLN's existing average cost of generation CAISO California Independent System Operator CalGEM California Geologic Energy Management Capacity The maximum load that a power plant can carry under existing conditions, less auxiliary power Capacity Factor The ratio of the actual MWh generated and the generating capacity times 8760 hours expressed as a percentage CARES Coronavirus Aid, Relief, and Economic Security Act CCA C

View Full Filing

View this 10-K filing on SEC EDGAR