Geothermal Company

Cash Flow Statement

 2013 Y2014 Y2015 Y2016 Y
Source Document12/31/201512/31/201612/31/201612/31/2016
(in thousands)    
Cash flows from operating activities 
Net income 42,03155,015123,349101,516
Adjustments to reconcile net income to net cash provided by operating activities 
Depreciation and amortization 92,932100,798107,206105,977
Amortization of premium from senior unsecured bonds (307)(308)(306)(513)
Accretion of asset retirement obligation 1,5448291,1981,778
Stock-based compensation 6,2625,5713,9555,157
Amortization of deferred lease income (2,685)(2,685)(2,685)(2,685)
Income attributable to sale of tax benefits, net of interest expense (7,999)(13,823)(17,467)(6,962)
Equity in losses of investees 1503,2135,5087,735
Mark-to-market of derivative instruments 7,813(6,960)4,129319
Write-off of unsuccessful exploration activities 4,03915,4391,5793,017
Gain on severance pay fund asset (877)1,492(119)(304)
Gain on sale of a subsidiary (3,646)(7,628)00
Deferred income tax provision 9,24513,135(39,530)18,473
Liability for unrecognized tax benefits (2,330)2,5612,874(4,647)
Deferred lease revenues (217)(251)224(853)
Other (819)(181)4840
Changes in operating assets and liabilities, net of amounts acquired 
Receivables (37,174)47,114(3,806)(33,280)
Costs and estimated earnings in excess of billings on uncompleted contracts (11,604)(6,576)2,673(27,078)
Inventories (1,620)5,359(1,144)6,297
Prepaid expenses and other (600)(1,337)(2,579)(12,540)
Deposits and other 621584(648)(1,009)
Accounts payable and accrued expenses 6,077(9,638)(339)(1,375)
Due from/to related entities, net (69)(9)4510
Billings in excess of costs and estimated earnings on uncompleted contracts (17,505)16,8219,168(2,262)
Liabilities for severance pay 1,267(3,442)(1,076)(786)
Other long-term liabilities 2,302(903)(2,561)3,310
Due from/to Parent (71)(955)(513)0
Net cash provided by operating activities 86,760213,235190,025159,285
Cash flows from investing activities 
Cash acquired in organizational restructuring and share exchange with parent 3,010015,3910
Net change in restricted cash, cash equivalents and marketable securities 25,472(42,183)43,74515,241
Cash received from sale of a subsidiary 7,69935,25000
Capital expenditures (204,628)(151,153)(152,450)(151,930)
Cash grant received from the U.S. Treasury under Section 1603 of the ARRA 14,68527,42700
Investment in unconsolidated companies (4,635)(631)0(3,569)
Cash paid for acquisition of controlling interest in a subsidiary, net of cash acquired NA00(20,135)
Intangible assets acquired 00(500)0
Decrease in severance pay fund asset, net of payments made to retired employees 1,2442,1282,8431,862
Net cash used in investing activities (157,153)(129,162)(90,971)(158,531)
Cash flows from financing activities 
Proceeds from sale of membership interests to noncontrolling interest, net of transaction costs 00156,63544,102
Proceeds from long-term loans, net of transaction costs 90,000140,00042,000142,500
Proceeds from exercise of options by employees 5299816,0857,249
Proceeds from issuance of senior unsecured notes, net of transaction costs NA00203,483
Purchase of Senior unsecured notes NA00(249,468)
Proceeds from the sale of limited liability company interest in OPAL Geo LLC, net of transaction costs 31,3760059,897
Purchase of OFC Senior Secured Notes (11,888)(12,860)(30,638)(6,815)
Proceeds from revolving credit lines with banks 3,058,9562,830,683598,800309,400
Repayment of revolving credit lines with banks (3,020,545)(2,922,400)(619,100)(309,400)
Cash received from noncontrolling interest 02,2341,6541,972
Payment for acquisition of noncontrolling interest in Crump 0(1,490)00
Repayments of long-term debt (68,370)(111,180)(71,701)(62,052)
Cash paid to noncontrolling interest (13,384)(11,320)(19,068)(64,065)
Cash paid for interest rate cap 0(1,505)00
Payments of capital leases NA00(1,178)
Deferred debt issuance costs (1,919)(4,785)(5,316)(6,402)
Cash dividends paid (3,636)(9,555)(12,716)(25,682)
Net cash provided by (used in) financing activities 61,119(101,197)46,63543,541
Net change in cash and cash equivalents (9,274)(17,124)145,68944,295
Cash and cash equivalents at beginning of period 66,62857,35440,230185,919
Cash and cash equivalents at end of period 57,35440,230185,919230,214
Supplemental disclosure of cash flow information 
Cash paid during the year for 
Interest, net of interest capitalized 51,30662,37655,49255,366
Income taxes, net 4,1145,78710,41918,490
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)
Accrued liabilities related to financing activities 06581,6656,291
Increase (decrease) in asset retirement cost and asset retirement obligation 588(366)516714

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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