ORMAT TECHNOLOGIES, INC. ORA Cash Flow

Ormat technologies, inc. (ORA)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities:
Net income
29,906	14,127	15,089	36,197	28,130	23,089	10,107	2,659	74,256	68,087	27,559	11,846	39,617	26,326	14,285	24,738	30,945	24,947	73,661	15,273	10,267	7,143	16,770	9,313	21,789	8,355	13,143	25,482	-4,949	-228,839	-515	8,722	8,025	-43,000	1,003	8,238	-8,965	4,536	32,401	-1,494	1,785
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
36,952	37,433	37,997	36,430	36,901	33,862	34,791	33,027	30,553	34,136	26,928	27,023	27,059	28,412	26,307	25,077	26,181	26,743	27,904	26,920	25,639	25,962	26,017	25,402	23,417	22,021	25,027	22,747	23,137	26,528	26,055	25,013	24,744	25,137	23,256	24,635	23,370	22,300	24,132	19,880	20,449
Amortization of premium from senior unsecured bonds
-	-	-	-	-	-	-	-	-	-	-	-	-	0	-359	-77	-77	-76	-76	-77	-77	-78	-77	-76	-77	-76	-78	-76	-77	-76	-77	-76	-78	-	-	-	-	-	-	-	-
Accretion of asset retirement obligation
772	694	692	672	651	648	758	539	529	482	473	464	455	535	422	415	406	58	388	380	372	-293	379	369	374	397	389	382	376	437	430	421	413	410	402	394	387	361	332	280	276
Stock-based compensation
1,989	2,127	2,228	2,643	2,360	2,836	3,559	2,116	1,707	1,556	1,861	3,630	1,713	1,774	1,724	817	842	878	921	1,029	1,127	1,263	1,502	1,366	1,440	1,714	1,691	1,314	1,543	1,557	1,710	1,470	1,657	1,672	1,552	1,721	1,727	2,740	1,667	1,554	1,416
Amortization of deferred lease income
0	-671	-670	-569	-775	-671	-672	-567	-775	-4,699	671	672	671	-4,699	671	672	671	671	672	671	671	671	671	672	671	671	671	672	671	671	671	672	671	671	671	672	671	671	671	2,014	-671
Income attributable to sale of tax benefits, net of interest expense
2,087	2,346	1,649	1,775	4,314	-1,197	1,503	2,008	6,295	3,105	2,007	2,509	4,335	1,042	844	1,601	3,475	4,399	6,348	2,676	4,044	3,693	2,590	3,068	4,472	1,378	2,043	3,445	1,133	1,228	875	1,031	869	2,072	523	1,178	542	1,242	800	689	792
Equity in losses (earnings) of investees
-735	-1,481	1,085	1,202	1,047	5,889	176	388	1,210	-267	337	-427	-1,600	-3,000	-2,654	-1,144	-937	-615	-3,134	-984	-775	-2,003	-899	-114	-197	-	-	-	-	0	-145	-157	-140	-407	-71	-69	-412	56	-83	479	546
Mark-to-market of derivative instruments
561	-507	330	370	1,209	-830	297	-537	-962	709	-1,698	943	1,519	-700	219	0	162	-223	234	-11	-4,129	2,493	4,165	526	-224	-4,326	-1,117	3,390	-5,760	-	-	-	-	-	-	-	-	-	-	-	-
Loss on disposal of property, plant and equipment
-88	-	-290	-759	-377	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-2	207	-	-	-	-
Write-off of unsuccessful exploration activities
-	-	-	-	-	0	0	-23	123	1,800	0	0	0	303	1,294	863	557	1,220	185	0	174	-	-	-	-	-	-	-	-	720	0	1,151	768	-	-	-	-	-	-	-	-
Return on investment in unconsolidated investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	3,734
Loss (gain) on severance pay fund asset
-535	154	315	217	330	-556	91	-592	-129	283	-74	590	947	-386	437	-311	564	17	-470	712	-140	-694	-1,194	413	-17	478	-4	31	372	1,263	32	-1,005	641	-306	-1,501	605	614	790	1,614	-935	420
Premium from issuance of senior unsecured bonds
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-18	1,975	-	-	-	-
Gain on sale of a subsidiary
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	14	6,336
Deferred income tax provision
15,123	20,719	5,643	-8,935	10,469	25,972	-1,552	24,407	-29,467	-79,270	3,352	28,159	6,612	2,480	7,488	6,611	6,643	-5,349	-41,637	2,970	4,054	64	4,184	2,991	5,896	-4,990	4,601	5,914	3,720	-10,630	638	796	4,460	-36,256	-813	-1,137	145	-15,856	11,082	-4,509	-856
Liability for unrecognized tax benefits
83	410	-575	-1,996	-713	-1,630	-502	-563	-184	-2,702	-173	297	-692	4,365	-407	-38	254	-2,708	-39	-39	-321	1,905	17	457	182	-3,928	524	559	515	141	427	303	534	1,630	-135	86	-1,137	-217	283	181	253
Deferred lease revenues
-	-	-	-	-	-	-	-	-	-82	-92	-90	-92	-228	-794	81	88	445	-73	-74	-74	-63	-64	-61	-63	-50	-50	-86	-31	18	36	37	37	143	144	358	-269	262	151	1,063	-394
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	181	0	0	0	819	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities, net of businesses acquired:
Receivables
25,008	15,073	2,260	-3,319	1,119	20,224	12,681	6,800	-9,777	13,232	10,183	19,717	-19,092	19,569	3,505	-11,719	21,925	927	-9,896	6,574	6,201	-25,490	-1,665	23,159	-43,118	13,993	5,433	28,319	-10,571	-26,119	40,052	-1,224	-9,086	577	-19,868	2,945	14,367	-6,950	9,851	-3,005	-1,155
Costs and estimated earnings in excess of billings on uncompleted contracts
-16,060	-4,760	15,773	-2,410	-12,368	-5,681	1,238	5,439	189	-1,142	-17,814	3,351	4,352	14,173	22,766	-14,638	4,777	10,661	7,366	-333	-20,367	13,009	-11,134	-1,871	6,572	-14,984	19,878	6,188	522	1,909	-2,347	1,433	4,652	448	2,948	-2,961	-2,615	4,975	-11,862	9,521	-11,528
Inventories
-842	-1,720	444	-2,206	-2,018	7,590	747	478	503	861	106	-5,697	5,800	-958	-3,955	-105	-1,279	1,479	194	-885	356	-407	-955	-4,379	382	1,893	2,490	-352	-2,411	2,883	-333	919	4,659	-5,358	3,491	-146	2,016	-2,077	-560	-4,839	4,528
Prepaid expenses and other
-1,211	551	2,891	-8,999	2,105	6,989	4,616	-2,438	2,005	-844	2,456	5,053	-6,873	7,176	-5,643	9,199	1,808	-454	2,733	1,489	-1,189	-3,826	-3,575	4,664	4,074	-5,575	2,002	4,029	144	2,647	7,030	4,604	1,191	-4,300	491	8,690	-1,138	-1,400	3,957	2,204	-2,166
Change in operating lease right of use asset
784	2,547	1,444	2,478	1,698	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deposits and other
-343	19,903	338	2,310	-26	-8	-4	56	-62	3,801	-579	-1,209	557	142	714	233	-80	354	-68	283	79	-305	-193	-1,315	1,229	3,675	-7,136	-141	2,981	7,390	1,796	3,391	169	239	-14	353	132	-89	44	26	183
Accounts payable and accrued expenses
350	-5,499	20,433	-1,925	-4,271	-6,668	4,127	-5,156	-49,027	55,296	981	-5,317	681	-11,838	8,655	6,654	-4,846	20,965	-19,304	2,303	-4,903	1,230	226	-3,369	-7,725	27,526	-12,622	5,938	-14,765	1,891	-5,378	10,024	4,877	16,238	-1,023	-5,385	-3,184	4,124	-3,805	-5,939	15,315
Billings in excess of costs and estimated earnings on uncompleted contracts
3,182	-3,248	-8,127	-1,378	-2,894	-3,358	5,624	5,678	-9,783	13,955	-11,288	-21	-14,035	-5,504	-5,778	11,995	-2,975	-	-	-	-	-20,586	17,125	24,368	-4,086	-4,805	1,738	-10,779	-3,659	-7,138	7,274	-6,883	-949	-2,560	16,846	3,442	12,223	-1,618	-6,775	3,865	4,330
Due from/to related entities, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	32,686	-33,137	-	-	-	-	0	23	22	24	22	22	22	20	-94	26	23	29	29	-17	-129	206
Liabilities for severance pay
-543	181	512	-342	406	-1,909	-256	-715	-267	777	-661	1,495	930	-417	-72	-92	-205	497	-598	925	-1,900	-1,585	-1,810	-388	341	199	759	-305	614	2,069	-39	-817	1,127	-440	-1,578	578	1,281	1,102	1,268	1,385	-1,145
Change in operating lease liabilities
-734	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other long-term liabilities
-100	5,621	-5,542	-80	-616	-11,139	138	-1,251	1,008	-220	-1,817	1,305	-1,553	1,509	1,779	-295	317	-302	0	-3,175	916	-376	-840	-452	765	1,343	1,184	6	-231	2,291	-932	-232	-232	11	-231	-231	-257	551	152	-182	-1,061
Due from/to Parent
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	513	367	363	73	152	9	-95	104	53	115	35	38	-137	109	29	-381	231	90	-1,165	1,236	107
Net cash provided by operating activities
79,756	35,041	45,373	78,642	77,437	42,666	36,106	47,281	19,769	79,042	52,375	42,695	71,463	1,258	38,454	92,529	27,044	67,060	10,239	29,579	83,147	34,465	75,191	35,503	68,076	54,534	12,276	1,734	18,216	27,087	-9,695	30,205	41,874	34,220	59,008	26,440	13,066	21,759	20,710	10,694	48,240
Cash flows from investing activities:
Cash grant received from the U.S. Treasury under Section 1603 of the ARRA
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	5,616	21,811	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash acquired in organizational restructuring and share exchange with parent
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	15,391	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Marketable securities, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-5,483	-10,508	-2,772	-2,753	-1,797	-881	22,965	-	-	-	-
Return of investment in unconsolidated investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5	-	-	-	-	-	-	-	-	0	0	0	3,516
Net change in restricted cash, cash equivalents and marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,520	-26,124	14,626	-21,020	-34,347	-10,660	22,282	-34,204	73,375	-20,329	23,341	-33,132	-1,315	-39,375	48,350	241	-21,496	22,647	-376	13,730	33,078	-26,114	29,920	-40,888	31,087	-19,050	11,315
Cash received from sale of a subsidiary
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-43,756	-42,386	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	19,594
Cash received from sale of property, plant and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital expenditures
80,375	89,456	75,650	63,577	51,303	57,864	61,532	72,163	66,962	81,824	61,395	63,130	52,885	43,979	40,172	36,748	31,031	-	-	-	-	28,566	33,462	40,795	48,330	59,991	42,618	52,458	49,561	46,688	56,453	64,449	65,430	88,906	71,157	54,562	55,052	88,387	55,755	62,679	76,492
Investment in unconsolidated companies
358	7,578	3,096	0	0	0	0	2,525	1,275	8,451	10,455	12,494	14,918	3,569	0	0	0	-	-	-	-	0	0	0	631	2,168	1,543	726	198	130	937	208	115	-	-	-	-	2,204	230	0	281
Cash paid for acquisition of controlling interest in a subsidiary, net of cash acquired
-	-	-	-	-	-	-	-	-	0	0	0	35,300	2,000	18,135	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Decrease (increase) in severance pay fund asset, net of payments made to retired employees
87	-72	97	-353	-359	-1,336	-510	-137	-203	3	-659	112	18	57	-927	45	-1,037	91	6	-920	-2,020	-635	-414	-911	-168	-72	-111	-1,191	130	118	111	151	-64	780	7	-55	-13	400	-172	404	3
Net cash used in investing activities
-80,820	-61,527	-78,843	-63,224	-50,944	-50,884	-55,360	-168,156	-68,034	-92,253	-74,416	-75,736	-103,121	-48,583	-69,900	-10,669	-44,620	-14,433	2,895	-32,176	-47,257	6,273	-106,423	6,311	-35,323	-28,955	-25,029	-4,925	-98,244	-47,179	13,417	-4,695	-62,333	-102,816	-102,445	-27,817	-107,924	-50,800	-44,006	-44,033	-64,981
Cash flows from financing activities:
Proceeds from long-term loans, net of transaction costs
0	0	0	41,347	91,500	114,700	0	0	100,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	45,000	0	0	45,000	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of commercial paper
41,725	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercise of options by employees
-	-	-	-	-	-	-	-	-	-	-	-	-	-1	1,305	1,750	4,195	1,473	646	1,262	2,704	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of senior unsecured notes, net of transaction costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	107,447	-	-	-	-
Proceeds from the sale of limited liability company interest in ORTP LLC, net of transaction costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-132	-689	32,197	-	-	-	-	-	0	0	24,878	-	-	-	-
Purchase of OFC Senior Secured Notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,860	-	0	0	11,888	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from revolving credit lines with banks
872,900	139,350	13,000	383,800	914,700	1,277,200	1,028,400	930,600	860,800	401,900	258,100	387,500	50,000	49,500	125,400	84,800	49,700	0	0	108,900	489,900	430,000	658,300	854,800	887,583	888,669	815,526	757,568	597,193	818,648	1,051,133	901,113	182,641	472,427	219,861	119,961	79,334	641,805	385,969	84,895	47,200
Repayment of revolving credit lines with banks
642,950	98,800	66,100	391,600	1,012,800	1,327,700	977,500	810,500	873,800	384,300	254,200	387,500	20,000	49,500	125,400	93,800	40,700	0	0	139,500	479,600	437,800	754,800	827,400	902,400	899,940	772,485	765,670	582,450	932,516	1,067,028	925,386	169,048	479,700	150,000	87,000	150,300	568,803	503,900	9,000	22,700
Cash received from noncontrolling interest
6,270	0	0	0	3,346	0	0	0	4,134	0	0	606	1,411	0	0	0	1,972	0	0	0	1,654	0	0	0	2,234	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of long-term debt
16,416	19,711	16,230	21,010	15,757	20,916	13,594	11,577	16,687	10,997	22,049	19,772	13,405	21,055	9,611	19,755	11,631	31,169	11,128	18,910	10,494	30,957	39,145	30,550	10,528	30,890	18,693	13,592	5,195	45,575	11,940	13,142	3,845	24,128	2,959	20,609	2,434	14,572	3,014	29,178	5,478
Cash paid to noncontrolling interest
3,279	331	1,571	3,369	4,459	3,551	1,525	3,356	4,674	3,281	3,438	7,787	6,807	46,769	5,047	5,932	6,317	5,205	6,445	3,915	3,503	2,105	3,817	2,307	3,091	3,200	3,194	3,207	3,783	4,392	3,494	3,268	4,229	3,270	3,734	4,419	2,616	-	-	-	-
Payments under finance lease obligations
675	430	1,021	946	767	845	734	536	436	399	721	343	408	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred debt issuance costs
416	599	221	3,122	1,223	2,285	1,574	408	1,020	638	921	2,587	1,144	2,896	575	1,339	1,592	278	1,389	1,490	2,159	61	2,053	2,280	391	-	-	-	47	1,020	907	904	366	-2,968	3,175	1,076	1,301	809	446	25	22
Cash dividends paid
5,614	5,612	5,606	5,589	5,579	5,068	5,064	5,062	11,640	3,899	4,186	3,978	8,448	3,213	3,471	3,526	15,472	2,944	2,942	2,932	3,898	2,276	2,276	2,276	2,727	-	-	-	-	-	-	-	-	0	1,817	1,817	2,290	2,269	2,271	2,269	5,455
Net cash provided by (used in) financing activities
168,095	-1,118	32,979	-6,587	-31,039	31,307	31,583	131,564	56,677	-9,917	-26,088	-33,076	1,199	172,232	-71,044	-37,802	-19,845	-38,249	20,742	69,538	-5,396	-42,959	-6,437	-9,621	-42,180	-3,660	19,295	-25,543	71,027	49,196	-32,882	-43,406	5,153	109,405	58,176	5,040	52,718	62,616	18,341	44,423	13,545
Effect of exchange rate changes
-365	677	-1,111	344	-485	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in cash and cash equivalents and restricted cash and cash equivalents
166,666	-26,927	-1,602	9,175	-5,031	22,429	12,329	10,689	8,412	-23,128	-48,129	-66,117	-30,459	124,907	-102,490	44,058	-37,421	14,378	33,876	66,941	30,494	-2,221	-37,669	32,193	-9,427	21,919	6,542	-28,734	-9,001	29,104	-29,160	-17,896	-15,306	40,809	14,739	3,663	-42,140	33,575	-4,955	11,084	-3,196
Supplemental non-cash investing and financing activities:
Increase (decrease) in accounts payable related to purchases of property, plant and equipment
-1,436	1,927	1,486	5,857	153	3,512	-4,188	-4,529	-1,673	3,502	-1,356	537	1,801	2,298	2,439	-1,660	-5,296	-15,120	6,318	12,730	-118	9,074	2,068	-1,648	-5,641	-3,372	3,681	9,013	-4,950	-694	-4,370	-2,240	-11,509	-	16,152	841	-5,947	-5,646	-964	8,766	-1,649
Right of use assets obtained in exchange for new lease liabilities
1,194	-	-	-	2,154	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued liabilities related to financing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	0	163	2,360	3,768	1,665	0	0	0	-	-	-	-	-	-	-	-	-	-	-	513	-	-	-	325	-	-	-	-