Geothermal Company

Cash Flow Statement

 2013 Y2014 Y2015 Y2016 Y2017 Q1 YTD
Source Document12/31/201512/31/201612/31/201612/31/20163/31/2017
(in thousands)     
Cash flows from operating activities 
Net income 42,03155,015123,349101,51639,735
Adjustments to reconcile net income to net cash provided by operating activities 
Depreciation and amortization 92,932100,798107,206105,97727,059
Amortization of premium from senior unsecured bonds (307)(308)(306)(513)0
Accretion of asset retirement obligation 1,5448291,1981,778455
Stock-based compensation 6,2625,5713,9555,1571,713
Amortization of deferred lease income (2,685)(2,685)(2,685)(2,685)(671)
Income attributable to sale of tax benefits, net of interest expense (7,999)(13,823)(17,467)(6,962)(4,335)
Equity in losses of investees 1503,2135,5087,7351,600
Mark-to-market of derivative instruments 7,813(6,960)4,129319(1,519)
Write-off of unsuccessful exploration activities 4,03915,4391,5793,0170
Gain on severance pay fund asset (877)1,492(119)(304)(947)
Gain on sale of a subsidiary (3,646)(7,628)00NA
Deferred income tax provision 9,24513,135(39,530)18,4736,612
Liability for unrecognized tax benefits (2,330)2,5612,874(4,647)574
Deferred lease revenues (217)(251)224(853)(92)
Other (819)(181)4840NA
Changes in operating assets and liabilities, net of amounts acquired 
Receivables (37,174)47,114(3,806)(33,280)19,092
Costs and estimated earnings in excess of billings on uncompleted contracts (11,604)(6,576)2,673(27,078)(4,352)
Inventories (1,620)5,359(1,144)6,297(5,800)
Prepaid expenses and other (600)(1,337)(2,579)(12,540)6,873
Deposits and other 621584(648)(1,009)(557)
Accounts payable and accrued expenses 6,077(9,638)(339)(1,375)681
Due from/to related entities, net (69)(9)4510NA
Billings in excess of costs and estimated earnings on uncompleted contracts (17,505)16,8219,168(2,262)(14,035)
Liabilities for severance pay 1,267(3,442)(1,076)(786)930
Other long-term liabilities 2,302(903)(2,561)3,310(1,553)
Due from/to Parent (71)(955)(513)0NA
Net cash provided by operating activities 86,760213,235190,025159,28571,463
Cash flows from investing activities 
Cash acquired in organizational restructuring and share exchange with parent 3,010015,3910NA
Net change in restricted cash, cash equivalents and marketable securities 25,472(42,183)43,74515,241(25,617)
Cash received from sale of a subsidiary 7,69935,25000NA
Capital expenditures (204,628)(151,153)(152,450)(151,930)(52,885)
Cash grant received from the U.S. Treasury under Section 1603 of the ARRA 14,68527,42700NA
Investment in unconsolidated companies (4,635)(631)0(3,569)(14,918)
Cash paid for acquisition of controlling interest in a subsidiary, net of cash acquired NA00(20,135)(35,300)
Intangible assets acquired 00(500)0NA
Decrease (increase) in severance pay fund asset, net of payments made to retired employees 1,2442,1282,8431,862(18)
Net cash used in investing activities (157,153)(129,162)(90,971)(158,531)(128,738)
Cash flows from financing activities 
Proceeds from sale of membership interests to noncontrolling interest, net of transaction costs 00156,63544,102NA
Proceeds from long-term loans, net of transaction costs 90,000140,00042,000142,500NA
Proceeds from exercise of options by employees 5299816,0857,2490
Proceeds from issuance of senior unsecured notes, net of transaction costs NA00203,483NA
Purchase of Senior unsecured notes NA00(249,468)NA
Proceeds from the sale of limited liability company interest in OPAL Geo LLC, net of transaction costs 31,3760059,897NA
Purchase of OFC Senior Secured Notes (11,888)(12,860)(30,638)(6,815)NA
Proceeds from revolving credit lines with banks 3,058,9562,830,683598,800309,40050,000
Repayment of revolving credit lines with banks (3,020,545)(2,922,400)(619,100)(309,400)(20,000)
Cash received from noncontrolling interest 02,2341,6541,9721,411
Payment for acquisition of noncontrolling interest in Crump 0(1,490)00NA
Repayments of long-term debt (68,370)(111,180)(71,701)(62,052)(13,405)
Cash paid to noncontrolling interest (13,384)(11,320)(19,068)(64,065)(6,807)
Cash paid for interest rate cap 0(1,505)00NA
Payments of capital leases NA00(1,178)(408)
Deferred debt issuance costs (1,919)(4,785)(5,316)(6,402)(1,144)
Cash dividends paid (3,636)(9,555)(12,716)(25,682)(8,448)
Net cash provided by (used in) financing activities 61,119(101,197)46,63543,5411,199
Net change in cash and cash equivalents (9,274)(17,124)145,68944,295(56,076)
Cash and cash equivalents at beginning of period 66,62857,35440,230185,919230,214
Cash and cash equivalents at end of period 57,35440,230185,919230,214174,138
Supplemental disclosure of cash flow information 
Cash paid during the year for 
Interest, net of interest capitalized 51,30662,37655,49255,366NA
Income taxes, net 4,1145,78710,41918,490NA
Supplemental non-cash investing and financing activities 
Increase (decrease) in accounts payable related to purchases of property, plant and equipment 4,3723,8533,810(2,219)1,801
Accrued liabilities related to financing activities 06581,6656,2910
Increase (decrease) in asset retirement cost and asset retirement obligation 588(366)516714NA

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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