Geothermal Company

Cash Flow Statement

 2012 Y2013 Y2014 Y2015 Y2016 Q3 YTD
Source Document12/31/201412/31/201512/31/201512/31/20159/30/2016
(in thousands)     
Cash flows from operating activities 
Net income (212,607)42,03155,015123,34970,284
Adjustments to reconcile net income to net cash provided by operating activities 
Depreciation and amortization 102,34092,932100,798107,20677,565
Amortization of premium from senior unsecured bonds (307)(307)(308)(306)(513)
Accretion of asset retirement obligation 1,7011,5448291,1981,243
Stock-based compensation 6,3946,2625,5713,9553,383
Amortization of deferred lease income (2,685)(2,685)(2,685)(2,685)(2,014)
Income attributable to sale of tax benefits, net of interest expense (4,003)(7,999)(13,823)(17,467)(5,920)
Equity in losses of investees 4421503,2135,5084,735
Mark-to-market of derivative instruments 07,813(6,960)4,129(381)
Write-off of unconsolidated investment 2,114NANANANA
Loss on disposal of property, plant and equipment NANANANA0
Write-off of unsuccessful exploration activities 2,6394,03915,4391,5792,714
Impairment charge 236,377NANANANA
Gain on severance pay fund asset (931)(877)1,492(119)(690)
Gain on sale of a subsidiary 0(3,646)(7,628)0NA
Deferred income tax provision (4,736)9,24513,135(39,530)20,742
Liability for unrecognized tax benefits 1,405(2,330)2,5612,874(125)
Deferred lease revenues 128(217)(251)224(625)
Other 0(819)(181)4840
Changes in operating assets and liabilities, net of amounts acquired 
Receivables (3,623)(37,174)47,114(3,806)(13,711)
Costs and estimated earnings in excess of billings on uncompleted contracts (5,647)(11,604)(6,576)2,673(12,905)
Inventories (8,128)(1,620)5,359(1,144)5,339
Prepaid expenses and other (15,472)(600)(1,337)(2,579)(5,364)
Deposits and other (12,746)621584(648)(867)
Accounts payable and accrued expenses 11,4146,077(9,638)(339)10,463
Due from/to related entities, net (86)(69)(9)4510
Billings in excess of costs and estimated earnings on uncompleted contracts (7,696)(17,505)16,8219,1683,242
Liabilities for severance pay 2,3401,267(3,442)(1,076)(369)
Other long-term liabilities 8952,302(903)(2,561)1,801
Due from/to Parent (51)(71)(955)(513)0
Net cash provided by operating activities 89,47186,760213,235190,025158,027
Cash flows from investing activities 
Cash acquired in organizational restructuring and share exchange with parent NA3,010015,3910
Marketable securities, net 18,763NANANANA
Short-term deposit (3,010)NANANANA
Net change in restricted cash, cash equivalents and marketable securities (1,016)25,472(42,183)43,745(1,022)
Cash received from sale of a subsidiary 07,69935,2500NA
Capital expenditures (233,020)(204,628)(151,153)(152,450)(107,951)
Cash grant received from the U.S. Treasury under Section 1603 of the ARRA 119,19914,68527,4270NA
Investment in unconsolidated companies (1,390)(4,635)(631)0NA
Intangible assets, net NA00(500)NA
Cash paid for acquisition of controlling interest in a subsidiary, net of cash acquired NANANANA(18,135)
Decrease in severance pay fund asset, net of payments made to retired employees (316)1,2442,1282,8431,919
Net cash used in investing activities (100,790)(157,153)(129,162)(90,971)(125,189)
Cash flows from financing activities 
Proceeds from exercise of options by employees 05299816,0857,250
Proceeds from the sale of limited liability company interest in ORTP LLC, net of transaction costs 031,37600NA
Proceeds from issuance of senior unsecured notes, net of transaction costs NANANANA203,483
Purchase of Senior unsecured notes NANANANA(249,468)
Purchase of OFC Senior Secured Notes 0(11,888)(12,860)(30,638)(6,815)
Proceeds from sale of membership interests to uncontrolling interest, net of transaction costs NA00156,6350
Proceeds from issuance of senior unsecured bonds 1,171NANANANA
Proceeds from long-term loans, net at transaction costs 214,05190,000140,00042,0000
Proceeds from revolving credit lines with banks 2,953,5353,058,9562,830,683598,800259,900
Repayment of revolving credit lines with banks (3,093,978)(3,020,545)(2,922,400)(619,100)(259,900)
Cash received from non-controlling interest 002,2341,6541,972
Payment for acquisition of noncontrolling interest in Crump 00(1,490)0NA
Repayments of long-term debt (74,502)(68,370)(111,180)(71,701)(40,997)
Cash paid to noncontrolling interest (15,383)(13,384)(11,320)(19,068)(17,296)
Cash paid for interest rate cap 00(1,505)0NA
Payments of capital leases NANANANA(845)
Deferred debt issuance costs (3,197)(1,919)(4,785)(5,316)(3,506)
Cash dividends paid (3,636)(3,636)(9,555)(12,716)(22,469)
Net cash provided by (used in) financing activities (21,939)61,119(101,197)46,635(128,691)
Net change in cash and cash equivalents (33,258)(9,274)(17,124)145,689(95,853)
Cash and cash equivalents at beginning of period 99,88666,62857,35440,230185,919
Cash and cash equivalents at end of period 66,62857,35440,230185,91990,066
Supplemental disclosure of cash flow information 
Cash paid during the year for 
Interest, net of interest capitalized 40,39851,30662,37655,492NA
Income taxes, net 11,5704,1145,78710,419NA
Supplemental non-cash investing and financing activities 
Increase (decrease) in accounts payable related to purchases of property, plant and equipment (18,813)4,3723,8533,810(4,517)
Accrued liabilities related to financing activities 28806581,6656,291
Increase (decrease) in asset retirement cost and asset retirement obligation (3,696)588(366)516NA

Data shown on this page is extracted directly from the company’s documents. SNL makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, SNL, as always, stands by its commitment to the quality of the data.

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