ORMAT TECHNOLOGIES INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
ORA$94.57+2.9%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| (Dollars in thousands) | ||
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $195,808 | $95,872 |
| Restricted cash and cash equivalents (primarily related to VIEs) | 91,962 | 130,804 |
| Receivables: | ||
| Trade less allowance for credit losses of $90 and $90, respectively (primarily related to VIEs) | 208,704 | 128,818 |
| Other | 44,530 | 32,415 |
| Inventories | 45,037 | 22,832 |
| Costs and estimated earnings in excess of billings on uncompleted contracts | 18,367 | 16,405 |
| Prepaid expenses and other | 41,595 | 29,571 |
| Total current assets | 646,003 | 456,717 |
| Investment in unconsolidated companies | 125,439 | 115,693 |
| Deposits and other | 44,631 | 39,762 |
| Deferred income taxes | 152,570 | 161,365 |
| Property, plant and equipment, net ($2,802,920 and $2,326,491 related to VIEs, respectively) | 2,998,949 | 2,493,457 |
| Construction-in-process ($376,602 and $360,508 related to VIEs, respectively) | 814,967 | 893,198 |
| Operating leases right of use ($9,326 and $9,662 related to VIEs, respectively) | 24,057 | 23,411 |
| Finance leases right of use ($0 and $75 related to VIEs, respectively) | 3,510 | 3,806 |
| Intangible assets, net | 307,609 | 333,845 |
| Goodwill | 90,544 | 90,325 |
| Total assets | $5,208,279 | $4,611,579 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $214,518 | $149,423 |
| Short term revolving credit lines with banks (full recourse) | 20,000 | — |
| Commercial paper (less deferred financing costs of $29) | 99,971 | — |
| Billings in excess of costs and estimated earnings on uncompleted contracts | 18,669 | 8,785 |
| Current portion of long-term debt: | ||
| Limited and non-recourse (primarily related to VIEs): | 57,207 | 64,044 |
| Full recourse | 116,864 | 101,460 |
| Financing liability | 5,141 | 16,270 |
| Operating lease liabilities | 3,329 | 2,347 |
| Finance lease liabilities | 1,313 | 1,581 |
| Total current liabilities | 537,012 | 343,910 |
| Long-term debt, net of current portion: | ||
| Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $7,889 and $10,272, respectively) | 447,389 | 521,885 |
| Full recourse (less deferred financing costs of $3,056 and $2,995, respectively) | 698,187 | 676,512 |
| Convertible senior notes (less deferred financing costs of $8,146 and $10,445, respectively) | 423,104 | 420,805 |
| Financing liability | 220,619 | 225,759 |
| Operating lease liabilities | 19,790 | 19,788 |
| Finance lease liabilities | 2,238 | 2,262 |
| Liability associated with sale of tax benefits | 184,612 | 166,259 |
| Deferred income taxes | 66,748 | 83,465 |
| Liability for unrecognized tax benefits | 8,673 | 6,559 |
| Liabilities for severance pay | 11,844 | 12,833 |
| Asset retirement obligation | 114,370 | 97,660 |
| Other long-term liabilities | 22,107 | 3,317 |
| Total liabilities | $2,756,693 | $2,581,014 |
| Commitments and contingencies (Note 20) | ||
| Redeemable noncontrolling interest | 10,599 | 9,590 |
| Equity: | ||
| The Company's stockholders' equity: | ||
| Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,358,887 and 56,095,918 issued and outstanding as of December 31, 2023 and December 31, 2022, respectively | 60 | 56 |
| Additional paid-in capital | 1,614,769 | 1,259,072 |
| Treasury stock, at cost (258,667 shares held as of December 31, 2023 and 2022, respectively) | (17,964) | (17,964) |
| Retained earnings | 719,894 | 623,907 |
| Accumulated other comprehensive gain (loss) | (1,332) | 2,500 |
| Total stockholders' equity attributable to Company's stockholders | 2,315,427 | 1,867,571 |
| Noncontrolling interest | 125,560 | 153,404 |
| Total equity | 2,440,987 | 2,020,975 |
| Total liabilities, redeemable noncontrolling interest and equity | $5,208,279 | $4,611,579 |
The accompanying notes are an integral part of the consolidated financial statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.