ORMAT TECHNOLOGIES INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
ORA$92.38-2.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (Dollars in thousands) | |||
| Cash flows from operating activities: | |||
| Net income | $133,137 | $77,795 | $76,077 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 224,797 | 198,792 | 182,972 |
| Accretion of asset retirement obligation | 6,164 | 5,257 | 3,977 |
| Stock-based compensation | 15,478 | 11,646 | 9,168 |
| Income attributable to sale of tax benefits, net of interest expense | (23,462) | (13,153) | (12,201) |
| Equity in losses (earnings) of investees, net | (35) | 3,072 | 2,624 |
| Mark-to-market of derivative instruments | (2,206) | 1,613 | 741 |
| Loss (gain) on disposal of property, plant and equipment | 35 | (89) | — |
| Write-off of unsuccessful exploration activities | 3,733 | 828 | — |
| Impairment of long-lived assets | — | 32,648 | — |
| Loss from prepayment of a long-term loan | — | 1,102 | — |
| Loss (gain) on severance pay fund asset | 154 | 1,019 | (1,335) |
| Deferred income tax provision | (6,017) | (18,979) | (3,115) |
| Liability for unrecognized tax benefits | 2,114 | 829 | 3,760 |
| Other | — | 575 | 526 |
| Changes in operating assets and liabilities, net of businesses acquired: | |||
| Receivables | (97,640) | (19,929) | 26,738 |
| Costs and estimated earnings in excess of billings on uncompleted contracts | (1,962) | (6,713) | 14,852 |
| Inventories | (22,205) | 5,613 | 4,127 |
| Prepaid expenses and other | (3,248) | 4,888 | (19,105) |
| Change in operating lease right of use asset | 3,761 | 2,717 | 3,010 |
| Deposits and other | (7,900) | 2,571 | (4,154) |
| Accounts payable and accrued expenses | 68,590 | (2,045) | (21,936) |
| Billings in excess of costs and estimated earnings on uncompleted contracts | 9,884 | (463) | (1,931) |
| Liabilities for severance pay | (989) | (2,861) | (3,055) |
| Change in operating lease liabilities | (3,435) | (3,581) | (2,816) |
| Other liabilities, net | 10,653 | (2,178) | (102) |
| Net cash provided by operating activities | 309,401 | 280,974 | 258,822 |
| Cash flows from investing activities: | |||
| Purchase of marketable securities | — | (19,192) | (60,070) |
| Maturities of marketable securities | — | 32,645 | 16,272 |
| Sale of marketable securities | — | 29,355 | — |
| Capital expenditures | (618,383) | (563,476) | (419,272) |
| Cash received from insurance recoveries | — | 600 | — |
| Investment in unconsolidated companies | (10,181) | (4,509) | (6,401) |
| Cash paid for acquisition of a business, net of cash acquired | — | — | (171,000) |
| Decrease (increase) in severance pay fund asset, net of payments made to retired employees | 221 | 1,171 | 3,189 |
| Other investing activities | — | — | (911) |
| Net cash used in investing activities | (628,343) | (523,406) | (638,193) |
| Cash flows from financing activities: | |||
| Proceeds from long-term loans, net of transaction costs | 149,837 | 135,259 | 275,000 |
| Proceeds from exercise of options by employees | 314 | 39 | — |
| Proceeds from issuance of common stock, net of stock issuance costs | 341,671 | — | 311 |
| Proceeds from issuance of convertible notes, net of transaction costs | — | 419,698 | — |
| Purchase of capped call instruments | — | (24,538) | — |
| Purchase of treasury stock | — | (17,964) | — |
| Proceeds from the sale of limited liability company interest, net of transaction costs | 42,329 | 50,330 | 37,141 |
| Repayments of commercial paper and prepayments of long-term debt | — | (219,126) | — |
| Proceeds from issuance of commercial paper, net of transaction costs | 99,971 | — | — |
| Proceeds from revolving credit lines with banks | 55,000 | — | — |
| Repayment of revolving credit lines with banks | (35,000) | — | — |
| Cash received from noncontrolling interest | 7,341 | 5,443 | 5,390 |
| Transaction with noncontrolling interest | (30,000) | — | — |
| Repayments of long-term debt and financing liability | (207,039) | (185,163) | (93,046) |
| Cash paid to noncontrolling interest | (9,856) | (5,880) | (6,903) |
| Payments under finance lease obligations | (1,963) | (2,983) | (3,181) |
| Deferred debt issuance costs | (4,229) | (1,699) | (1,341) |
| Cash dividends paid | (28,412) | (27,143) | (26,986) |
| Net cash provided by (used in) financing activities | 379,964 | 126,273 | 186,385 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | 72 | (609) | (348) |
| Net change in cash and cash equivalents and restricted cash and cash equivalents | $61,094 | $(116,768) | $(193,334) |
| Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 226,676 | 343,444 | 536,778 |
| Cash and cash equivalents and restricted cash and cash equivalents at end of period | $287,770 | $226,676 | $343,444 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the year for: | |||
| Interest, net of interest capitalized | $72,236 | $69,132 | $66,627 |
| Income taxes, net | $26,250 | $29,004 | $34,357 |
| Supplemental non-cash investing and financing activities: | |||
| Increase (decrease) in accounts payable related to purchases of property, plant and equipment | $(12,417) | $4,764 | $7,976 |
| Right of use assets obtained in exchange for new lease liabilities | $6,402 | $8,759 | $6,175 |
| Increase in asset retirement cost and asset retirement obligation | $10,546 | $7,512 | $12,153 |
The accompanying notes are an integral part of the consolidated financial statements.
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