ORMAT TECHNOLOGIES, INC. ORA Cash Flow

Ormat technologies, inc. (ORA)

CashFlow / TTM

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
95,319	93,543	102,505	97,523	63,985	110,111	155,109	172,561	181,748	147,109	105,348	92,074	104,966	96,294	94,915	154,291	144,826	124,148	106,344	49,453	43,493	55,015	56,227	52,600	68,769	42,031	-195,163	-208,821	-225,581	-212,607	-26,768	-25,250	-25,734	-42,724	4,812	36,210	26,478	37,228	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
148,812	148,761	145,190	141,984	138,581	132,233	132,507	124,644	118,640	115,146	109,422	108,801	106,855	105,977	104,308	105,905	107,748	107,206	106,425	104,538	103,020	100,798	96,857	95,867	93,212	92,932	97,439	98,467	100,733	102,340	100,949	98,150	97,772	96,398	93,561	94,437	89,682	86,761	0	0	0
Amortization of premium from senior unsecured bonds
-	-	-	-	-	-	-	-	-	-	-	-	-	-513	-589	-306	-306	-306	-308	-309	-308	-308	-306	-307	-307	-307	-307	-306	-306	-307	0	0	0	-	-	-	-	-	-	-	-
Accretion of asset retirement obligation
2,830	2,709	2,663	2,729	2,596	2,474	2,308	2,023	1,948	1,874	1,927	1,876	1,827	1,778	1,301	1,267	1,232	1,198	847	838	827	829	1,519	1,529	1,542	1,544	1,584	1,625	1,664	1,701	1,674	1,646	1,619	1,593	1,544	1,474	1,360	1,249	0	0	0
Stock-based compensation
8,987	9,358	10,067	11,398	10,871	10,218	8,938	7,240	8,754	8,760	8,978	8,841	6,028	5,157	4,261	3,458	3,670	3,955	4,340	4,921	5,258	5,571	6,022	6,211	6,159	6,262	6,105	6,124	6,280	6,394	6,509	6,351	6,602	6,672	7,740	7,855	7,688	7,377	0	0	0
Amortization of deferred lease income
-1,910	-2,685	-2,685	-2,687	-2,685	-2,685	-6,713	-5,370	-4,131	-2,685	-2,685	-2,685	-2,685	-2,685	2,685	2,686	2,685	2,685	2,685	2,684	2,685	2,685	2,685	2,685	2,685	2,685	2,685	2,685	2,685	2,685	2,685	2,685	2,685	2,685	2,685	2,685	4,027	2,685	0	0	0
Income attributable to sale of tax benefits, net of interest expense
7,857	10,084	6,541	6,395	6,628	8,609	12,911	13,415	13,916	11,956	9,893	8,730	7,822	6,962	10,319	15,823	16,898	17,467	16,761	13,003	13,395	13,823	11,508	10,961	11,338	7,999	7,849	6,681	4,267	4,003	4,847	4,495	4,642	4,315	3,485	3,762	3,273	3,523	0	0	0
Equity in losses (earnings) of investees
71	1,853	9,223	8,314	7,500	7,663	1,507	1,668	853	-1,957	-4,690	-7,681	-8,398	-7,735	-5,350	-5,830	-5,670	-5,508	-6,896	-4,661	-3,791	-3,213	0	0	0	-	-	-	-	-442	-849	-775	-687	-959	-496	-508	40	998	0	0	0
Mark-to-market of derivative instruments
754	1,402	1,079	1,046	139	-2,032	-493	-2,488	-1,008	1,473	64	1,981	1,038	-319	158	173	162	-4,129	-1,413	2,518	3,055	6,960	141	-5,141	-2,277	-7,813	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Loss on disposal of property, plant and equipment
0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-
Write-off of unsuccessful exploration activities
-	-	-	-	-	100	1,900	1,900	1,923	1,800	303	1,597	2,460	3,017	3,934	2,825	1,962	1,579	0	0	0	-	-	-	-	-	-	-	-	2,639	0	0	0	-	-	-	-	-	-	-	-
Return on investment in unconsolidated investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,734	0	0	0
Loss (gain) on severance pay fund asset
151	1,016	306	82	-727	-1,186	-347	-512	670	1,746	1,077	1,588	687	304	707	-200	823	119	-592	-1,316	-1,615	-1,492	-320	870	488	877	1,662	1,698	662	931	-638	-2,171	-561	-588	508	3,623	2,083	1,889	0	0	0
Premium from issuance of senior unsecured bonds
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,957	0	0	0	-	-	-	-
Gain on sale of a subsidiary
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,350	0	0	0
Deferred income tax provision
32,550	27,896	33,149	25,954	59,296	19,360	-85,882	-80,978	-77,226	-41,147	40,603	44,739	23,191	23,222	15,393	-33,732	-37,373	-39,962	-34,549	11,272	11,293	13,135	8,081	8,498	11,421	9,245	3,605	-358	-5,476	-4,736	-30,362	-31,813	-33,746	-38,061	-17,661	-5,766	-9,138	-10,139	0	0	0
Liability for unrecognized tax benefits
-2,078	-2,874	-4,914	-4,841	-3,408	-2,879	-3,951	-3,622	-2,762	-3,270	3,797	3,563	3,228	4,174	-2,899	-2,531	-2,532	-3,107	1,506	1,562	2,058	2,561	-3,272	-2,765	-2,663	-2,330	1,739	1,642	1,386	1,405	2,894	2,332	2,115	444	-1,403	-985	-890	500	0	0	0
Deferred lease revenues
-	-	-	-	-	-	-	-	-	-356	-502	-1,204	-1,033	-853	-180	541	386	224	-284	-275	-262	-251	-238	-224	-249	-217	-149	-63	60	128	253	361	682	376	495	502	1,207	1,082	0	0	0
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	181	181	181	181	819	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities, net of businesses acquired:
Receivables
39,022	15,133	20,284	30,705	40,824	29,928	22,936	20,438	33,355	24,040	30,377	23,699	-7,737	33,280	14,638	1,237	19,530	3,806	-22,611	-14,380	2,205	-47,114	-7,631	-533	4,627	37,174	-2,938	31,681	2,138	3,623	30,319	-29,601	-25,432	-1,979	-9,506	20,213	14,263	-1,259	0	0	0
Costs and estimated earnings in excess of billings on uncompleted contracts
-7,457	-3,765	-4,686	-19,221	-11,372	1,185	5,724	-13,328	-15,416	-11,253	4,062	44,642	26,653	27,078	23,566	8,166	22,471	-2,673	-325	-18,825	-20,363	6,576	-21,417	9,595	17,654	11,604	28,497	6,272	1,517	5,647	4,186	9,481	5,087	-2,180	2,347	-12,463	19	-8,894	0	0	0
Inventories
-4,324	-5,500	3,810	4,113	6,797	9,318	2,589	1,948	-4,227	1,070	-749	-4,810	782	-6,297	-3,860	289	-491	1,144	-742	-1,891	-5,385	-5,359	-3,059	386	4,413	1,620	2,610	-213	1,058	8,128	-113	3,711	2,646	3	3,284	-767	-5,460	-2,948	0	0	0
Prepaid expenses and other
-6,768	-3,452	2,986	4,711	11,272	11,172	3,339	1,179	8,670	-208	7,812	-287	3,859	12,540	4,910	13,286	5,576	2,579	-793	-7,101	-3,926	1,337	-412	5,165	4,530	600	8,822	13,850	14,425	15,472	8,525	1,986	6,072	3,743	6,643	10,109	3,623	2,595	0	0	0
Change in operating lease right of use asset
7,253	8,167	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deposits and other
22,208	22,525	2,614	2,272	18	-18	3,791	3,216	1,951	2,570	-1,089	204	1,646	1,009	1,221	439	489	648	-11	-136	-1,734	-584	3,396	-3,547	-2,373	-621	3,094	12,026	15,558	12,746	5,595	3,785	747	710	382	440	113	164	0	0	0
Accounts payable and accrued expenses
13,359	8,738	7,569	-8,737	-11,968	-56,724	5,240	2,094	1,933	51,641	-15,493	-7,819	4,152	-1,375	31,428	3,469	-882	-939	-20,674	-1,144	-6,816	-9,638	16,658	3,810	13,117	6,077	-19,558	-12,314	-8,228	11,414	25,761	30,116	14,707	6,646	-5,468	-8,250	-8,804	9,695	0	0	0
Billings in excess of costs and estimated earnings on uncompleted contracts
-9,571	-15,647	-15,757	-2,006	5,050	-1,839	15,474	-1,438	-7,137	-11,389	-30,848	-25,338	-13,322	-2,262	0	0	0	-	-	-	-	16,821	32,602	17,215	-17,932	-17,505	-19,838	-14,302	-10,406	-7,696	-3,118	6,454	16,779	29,951	30,893	7,272	7,695	-198	0	0	0
Due from/to related entities, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-451	0	0	0	-	-	-	-	69	91	90	90	86	-30	-26	-25	-16	107	64	-88	89	0	0	0
Liabilities for severance pay
-192	757	-1,333	-2,101	-2,474	-3,147	-461	-866	1,344	2,541	1,347	1,936	349	-786	128	-398	619	-1,076	-3,158	-4,370	-5,683	-3,442	-1,658	911	994	1,267	3,137	2,339	1,827	2,340	-169	-1,708	-313	-159	1,383	4,229	5,036	2,610	0	0	0
Change in operating lease liabilities
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other long-term liabilities
-101	-617	-17,377	-11,697	-12,868	-11,244	-325	-2,280	276	-2,285	-556	3,040	1,440	3,310	1,499	-280	-3,160	-2,561	-2,635	-3,475	-752	-903	816	2,840	3,298	2,302	3,250	1,134	896	895	-1,385	-684	-683	-708	-168	215	264	-540	0	0	0
Due from/to Parent
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	513	880	1,243	1,316	955	597	139	170	71	177	307	241	51	45	39	-380	-12	-31	-1,225	392	268	0	0	0
Net cash provided by operating activities
238,812	236,493	244,118	234,851	203,490	145,822	182,198	198,467	193,881	245,575	167,791	153,870	203,704	159,285	225,087	196,872	133,922	190,025	157,430	222,382	228,306	213,235	233,304	170,389	136,620	86,760	59,313	37,342	65,813	89,471	96,604	165,307	161,542	132,734	120,273	81,975	66,229	101,403	0	0	0
Cash flows from investing activities:
Cash grant received from the U.S. Treasury under Section 1603 of the ARRA
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	27,427	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash acquired in organizational restructuring and share exchange with parent
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15,391	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Marketable securities, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-18,763	-21,516	-17,830	-8,203	17,534	0	0	0	-	-	-	-
Return of investment in unconsolidated investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	3,516	0	0	0
Net change in restricted cash, cash equivalents and marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-19,998	-66,865	-51,401	-43,745	-56,929	50,793	41,124	42,183	43,255	-31,435	-50,481	-25,472	7,901	-12,280	49,742	1,016	14,505	69,079	20,318	50,614	-4,004	-5,995	1,069	-17,536	0	0	0
Cash received from sale of a subsidiary
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	19,594	0	0	0
Cash received from sale of property, plant and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital expenditures
309,058	279,986	248,394	234,276	242,862	258,521	282,481	282,344	273,311	259,234	221,389	200,166	173,784	151,930	0	0	0	-	-	-	-	151,153	182,578	191,734	203,397	204,628	191,325	205,160	217,151	233,020	275,238	289,942	280,055	269,677	269,158	253,756	261,873	283,313	0	0	0
Investment in unconsolidated companies
11,032	10,674	3,096	0	2,525	3,800	12,251	22,706	32,675	46,318	41,436	30,981	18,487	3,569	0	0	0	-	-	-	-	631	2,799	4,342	5,068	4,635	2,597	1,991	1,473	1,390	0	0	0	-	-	-	-	2,715	0	0	0
Cash paid for acquisition of controlling interest in a subsidiary, net of cash acquired
-	-	-	-	-	-	-	-	-	35,300	37,300	55,435	55,435	20,135	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Decrease (increase) in severance pay fund asset, net of payments made to retired employees
-241	-687	-1,951	-2,558	-2,342	-2,186	-847	-996	-747	-526	-472	-740	-807	-1,862	-1,828	-895	-1,860	-2,843	-3,569	-3,989	-3,980	-2,128	-1,565	-1,262	-1,542	-1,244	-1,054	-832	510	316	978	874	668	719	339	160	619	635	0	0	0
Net cash used in investing activities
-284,414	-254,538	-243,895	-220,412	-325,344	-342,434	-383,803	-402,859	-310,439	-345,526	-301,856	-297,340	-232,273	-173,772	-139,622	-66,827	-88,334	-90,971	-70,265	-179,583	-141,096	-129,162	-164,390	-82,996	-94,232	-157,153	-175,377	-136,931	-136,701	-100,790	-156,427	-272,289	-295,411	-341,002	-288,986	-230,547	-246,763	-203,820	0	0	0
Cash flows from financing activities:
Proceeds from long-term loans, net of transaction costs
41,347	132,847	247,547	247,547	206,200	214,700	100,000	100,000	100,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	90,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of commercial paper
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercise of options by employees
-	-	-	-	-	-	-	-	-	-	-	-	-	7,249	8,723	8,064	7,576	6,085	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of senior unsecured notes, net of transaction costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	107,447	0	0	0	-	-	-	-
Proceeds from the sale of limited liability company interest in ORTP LLC, net of transaction costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	31,376	0	0	0	-	-	-	-	-	0	0	0	-	-	-	-
Purchase of OFC Senior Secured Notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from revolving credit lines with banks
1,409,050	1,450,850	2,588,700	3,604,100	4,150,900	4,097,000	3,221,700	2,451,400	1,908,300	1,097,500	745,100	612,400	309,700	309,400	259,900	134,500	158,600	598,800	1,028,800	1,687,100	2,433,000	2,830,683	3,289,352	3,446,578	3,349,346	3,058,956	2,988,935	3,224,542	3,368,087	2,953,535	2,607,314	1,776,042	994,890	891,583	1,060,961	1,227,069	1,192,003	1,159,869	0	0	0
Repayment of revolving credit lines with banks
1,199,450	1,569,300	2,798,200	3,709,600	4,128,500	3,989,500	3,046,100	2,322,800	1,899,800	1,046,000	711,200	582,400	288,700	309,400	259,900	134,500	180,200	619,100	1,056,900	1,811,700	2,499,600	2,922,400	3,384,540	3,402,225	3,340,495	3,020,545	3,053,121	3,347,664	3,507,380	3,093,978	2,641,162	1,724,134	885,748	867,000	956,103	1,310,003	1,232,003	1,104,403	0	0	0
Cash received from noncontrolling interest
6,270	3,346	3,346	3,346	3,346	4,134	4,134	4,134	4,740	2,017	2,017	2,017	1,411	1,972	1,972	1,972	1,972	1,654	1,654	1,654	1,654	2,234	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of long-term debt
73,367	72,708	73,913	71,277	61,844	62,774	52,855	61,310	69,505	66,223	76,281	63,843	63,826	62,052	72,166	73,683	72,838	71,701	71,489	99,506	111,146	111,180	111,113	90,661	73,703	68,370	83,055	76,302	75,852	74,502	53,055	44,074	51,541	50,130	40,574	40,629	49,198	52,242	0	0	0
Cash paid to noncontrolling interest
8,550	9,730	12,950	12,904	12,891	13,106	12,836	14,749	19,180	21,313	64,801	66,410	64,555	64,065	22,501	23,899	21,882	19,068	15,968	13,340	11,732	11,320	12,415	11,792	12,692	13,384	14,576	14,876	14,937	15,383	14,261	14,501	15,652	14,039	0	0	0	-	-	-	-
Payments under finance lease obligations
3,072	3,164	3,579	3,292	2,882	2,551	2,105	2,092	1,899	1,871	0	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred debt issuance costs
4,358	5,165	6,851	8,204	5,490	5,287	3,640	2,987	5,166	5,290	7,548	7,202	5,954	6,402	3,784	4,598	4,749	5,316	5,099	5,763	6,553	4,785	0	0	0	-	-	-	2,878	3,197	-791	1,477	1,649	2,584	6,361	3,632	2,581	1,302	0	0	0
Cash dividends paid
22,421	22,386	21,842	21,300	20,773	26,834	25,665	24,787	23,703	20,511	19,825	19,110	18,658	25,682	25,413	24,884	24,290	12,716	12,048	11,382	10,726	9,555	0	0	0	-	-	-	-	-	-	-	-	5,924	8,193	8,647	9,099	12,264	0	0	0
Net cash provided by (used in) financing activities
193,369	-5,765	26,660	25,264	163,415	251,131	209,907	152,236	-12,404	-67,882	114,267	69,311	64,585	43,541	-166,940	-75,154	32,186	46,635	41,925	14,746	-64,413	-101,197	-61,898	-36,166	-52,088	61,119	113,975	61,798	43,935	-21,939	38,270	129,328	177,774	225,339	178,550	138,715	178,098	138,925	0	0	0
Effect of exchange rate changes
-455	-575	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in cash and cash equivalents and restricted cash and cash equivalents
147,312	-24,385	24,971	38,902	40,416	53,859	8,302	-52,156	-128,962	-167,833	-19,798	-74,159	36,016	29,054	-81,475	54,891	77,774	145,689	129,090	57,545	22,797	-17,124	7,016	51,227	-9,700	-9,274	-2,089	-37,791	-26,953	-33,258	-21,553	22,346	43,905	17,071	9,837	-9,857	-2,436	36,508	0	0	0
Supplemental non-cash investing and financing activities:
Increase (decrease) in accounts payable related to purchases of property, plant and equipment
7,834	9,423	11,008	5,334	-5,052	-6,878	-6,888	-4,056	1,010	4,484	3,280	7,075	4,878	-2,219	-19,637	-15,758	-1,368	3,810	28,004	23,754	9,376	3,853	-8,593	-6,980	3,681	4,372	7,050	-1,001	-12,254	-18,813	0	0	0	-	5,400	-11,716	-3,791	507	0	0	0
Right of use assets obtained in exchange for new lease liabilities
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued liabilities related to financing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	6,291	7,956	7,793	5,433	1,665	0	0	0	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0	-	-	-	-