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Text: Hosting the call today are Doron Blachar, Chief Executive Officer; Assaf Ginzburg, Chief Financial Officer; and Smadar Lavi, Vice President of Corporate Finance and Investor Relations.
Actual future results may differ materially from those projected as a result of certain risk factors and uncertainties.
In addition, during the call, the company will present non-GAAP financial measures, such as adjusted EBITDA.
Because these measures are not calculated in accordance with GAAP, they should not be considered in isolation from the financial statements prepared in accordance with GAAP.
Doron, the call is yours.
Ormat continues to successfully navigate the challenges of the COVID pandemic, delivering year-over-year improvements in our overall profitability and making significant progress in executing our long-term plan to increase our geothermal, storage and hybrid solar geothermal capacity.
For the year, we met our adjusted year guidance during last to improve gross margins within our electricity and storage segments.
Importantly, we achieved profitability in our energy store segment and this part of our business is growing rapidly.
We also strengthened our balance sheet through a combination of long-term debt and an equity offering.
We achieved this while bringing Puna back online and successfully resolving all pending Kenya tax assessment.
These achievements amid the global environment facing unprecedented challenges from the COVID pandemic positioning us for long-term success.
This year, we laid a solid foundation to accelerate the growth of our electricity and storage segments.
Our expectation is that 2021 will be a significant buildup here as we work to bring new geothermal, energy storage and solar PV projects online.
These projects are expected to increase our generation portfolio by 50% to approximately 1.5 gigawatts by 2023, with a significant contribution coming from our energy storage business.
This next step-up in the size of our overall portfolio represents approximately 29% increase in our geothermal and solar capacity, and up to approximately 400% increase in our energy storage assets by the end of 2023.
As a result of our ambitious plan, we estimate that we will reach an annual run rate of $500 million in adjusted EBITDA toward the end of 2022, that we expect to continue to grow as we move forward with our plans in 2023 and onwards.
Let me start my review of our financial highlights on slide five.
Total revenue for the full year 2020 were $705 million, down 5.5% from prior year.
In the quarter, revenues were down 6.8% over last year.
Both in the full year and in the quarter, the drivers for the decrease was the product segment, which was impacted by COVID-19.
Full year 2020 consolidated gross profit was $276.3 million, resulting in a gross margin of 39.2%, 310 basis points higher than in 2019.
Same increase noted in the fourth quarter with our growing electricity and Energy Storage segment driving the improved performance.
2020 ended with a net income attributable to the company stockholders of $85.5 million.
Diluted earnings per share for 2020 declined by 4% compared to last year, mainly impacted by a nonrecurring tax benefit recorded in 2019.
Excluding this tax benefit, diluted earnings per share increased by 13%.
For the quarter, diluted earnings per share increased 62.5% to $0.39 per share.
Adjusted EBITDA increased 9.3% to $420.2 million in 2020.
For the quarter, this was 7% increase compared to 2019.
Moving to slide six.
Breaking the revenue down, the electricity segment revenues slightly increased compared to 2019, supported by contribution from new added capacity at our Steamboat complex, and better performance of other projects in our portfolio, offset by lower generation at the other facilities and increased curtailment in Olkaria complex, mainly due to COVID-19.
In the product segment, revenue declined 22.5%, representing 21% of the total revenue in 2020.
The decline year-over-year is expected to continue in 2021, as the continued global pandemic limited and still limited ability to sign new significant contracts.
Energy Storage segment revenues increased 7.6% year-over-year, to $15.8 million and represented 2% of our total revenue for the full year 2020.
This growth mainly driven by revenues from the acquired Pomona energy storage assets and the contribution of Rabbit Hill in Texas.
In the fourth quarter, the electricity segment revenues grew 1.3% to $146 million while product segment revenue decreased 37.5% to $27 million in the fourth quarter of 2020.
Energy Storage segment revenue were $5.8 billion, increasing 36% year-over-year compared to $4.3 million in the fourth quarter of 2019.
Let's move to slide seven.
Gross margin for the electricity segment for the full year expanded year-over-year to 44.6%.
For the fourth quarter, gross margin was 45.2%.
The improvement was primarily due to improved efficiency at some of our power plants as well as decrease in lease expenses related to the Puna due to the termination of the lease agreement.
Electricity gross profit in the full year 2020 was positively impacted by $7.8 million in business interruption insurance payments compared to $9.3 million in 2019.
In the product segment, gross margin was 22.4% in the full year of 2020 compared to 23.6% in the prior year.
The product segment gross margin in 2020 was impacted by higher cost of revenue related to the NASA project that we build in New Zealand, which was impacted by, among other things, restrictions and limitations associated with COVID-19.
In the fourth quarter, we saw an increase in gross margin in the product segment of 160 basis points to 29.8%.
Energy Storage segment reported a positive gross margin of 11.1% for 2020 compared to a negative gross margin in 2019.
The improvement was primarily driven by our acquisition of the Pomona Energy storage assets.
Turning to slide eight.
The electricity segment generated 92% of the total adjusted EBITDA in the full year of 2020, and electricity segment adjusted EBITDA increased 11% over last year.
The product segment generated 7% of the total adjusted EBITDA for the full year of 2020.
The Storage segment reported, for the first time, a full year positive adjusted EBITDA of $3.2 million, including $1.7 million in the fourth quarter.
The key takeaway here is that all of the three segments are now contributing positive adjusted EBITDA.
Reconciliation of EBITDA and adjusted EBITDA are provided in the appendix slide.
Turning to slide nine.
For the full year 2020, we successfully raised approximately $760 million in the aggregate, including $340 million net proceeds from the issuance of common stock, [$290] million profit from the Bond Series four and approximately $130 million of proceeds from senior unsecured loan.
Our net debt as of December 31, 2020, was $920 million.
Cash and cash equivalents and restricted cash and cash equivalent as of December 31, 2020, was $537 million, compared to $153 million as of December 31, 2019.
The accompanying slide breaks down the use of cash for the 12 months and illustrate our ability to invest back in the business, service the debt and continue to return capital to our shareholders in the form of cash dividends, all from cash generated by our operation.
Our long-term and short-term debt as of December 31, 2020, was $1.46 billion, net of deferred financing costs.
And it's a payment schedule is presented on slide 31 in the appendix.
The average cost of debt for the company is currently 4.7%.
On February 24, 2021, the company's Board of Directors declared, approved and authorized a payment of quarterly dividend of $0.12 per share pursued to the company dividend policy.
The dividend will be paid on March 29, 2021, to shareholder of record of the close of Business day on March 11, 2021.
In addition, we expect to pay dividend of $0.12 per share in the next three quarters, representing a 9% increase over Q3 2020 dividend.
That concludes my financial overview.
Turning to slide 12 for a look at our operating portfolio.
Power generation in our power plants declined by 3.1% compared to last year.
This decline is mainly due to the lower generation at our oil facilities and increased customer in Olkaria power plant.
However, revenues of our electricity segment remain unchanged with higher average rate per megawatt hour of $89.6 compared to $86.6 million for last year.
We adjusted the generation capacity of our existing power plants based on their performance this year, as detailed on the slide, and the current portfolio stands at 932 megawatts compared to 914 megawatts last year.
This year, the main addition was 19 megawatts in Steamboat complex following the completion of the Steamboat enhancement.
As noted on slide 13, Puna reserved operations in November 2020, 2.5 years after the eruption of the Kilauea volcano, currently, at low output relative to its generating capacity before the eruption.
In November, Puna reached 10-megawatt generating capacity, and now it is offering at 13 megawatts.
We continue our field recovery work and drilling of news, and we expect Puna to increase power generation during the second quarter of 2021.
We target close to full production at Puna by the middle of this year.
On the insurance front, for the entire 2020, we collected $29.1 million insurance proceeds, the $7.8 million were recorded under cost of revenues and the balance in other operating income.
We are still working with our council to collect the rest of what we believe should be paid to us.
Turning to slide 14, for an update on our international fund and specifically in Kenya.
As discussed earlier, one of the impacts COVID had on our operations in Kenya relates to increased curtailment there by KPLC, which was the main driver to a reduction in revenue of approximately $6.5 million compared to prior year.
The curtailment continued into the fourth quarter in a lower frequency compared to the first three quarters in 2020.
We are also encouraged by the improved collection from KPLC that continues reducing the overdue amount.
Also in Kenya, we had an important achievement, concluding all open tax audits with the Canadian tax authorities and reached a favorable settlement related to the 2019 Flex assessment originally totaling $200 million.
The settlement agreement extended or this period for the issues addressed within the main assessment to cover the period from 2013 through 2019.
Full financial impact was recorded in the fourth quarter of 2020.
Turning to slide 15 for an update on our backlog.
Our product segment has been the part of our business most impacted by the COVID-19 pandemic, with our customers' projects around the world being delayed.
However, we believe this is a short term phenomenon.
In Turkey, a new feed-in tariff was announced that although it is lower than the previous feeling tariff, we expect the market to adapt to it, and we anticipate new potential projects in Turkey in the coming months.
As of February 24, 2021, our product segment backlog was $33 million.
We anticipate continued weakness in our product backlog and a result our 2021 guidance for this segment's revenue is significantly lower than recent years.
Our business that is resilient and a key part of it relates to a vertically integrated structure, which enables us to better allocate our manufacturer capacity and resources while focusing on internal initiatives to support our electricity segment growth.
We started to see this shift already in the second quarter of 2020 and in the full year 2020.
Inter-segment revenue increased more than 30% over 2019 and 130% over 2018.
Ormat is the only vertically integrated company in the geothermal industry.
We can efficiently transition from manufacturing components for third-party customers to develop components for our company-owned projects.
This means we can bring projects online more effectively by using internal resources and expertise.
This will also extend our energy storage segment as well as our construction expertise is tough to help development at energy storage products.
As a result, we are also able to feed capacity at our manufacturing segment, avoiding unutilized expenses.
However, we firmly believe that there's a demic base, we will see increasing demand for our products around the world.
Partially offsetting the weakness of the product segment, has been a consistent improvement in our Energy Storage business.
Energy Storage discussed on slide 16 continues to grow and to become more profitable, as Assaf presented in his financial remarks.
This year, we commissioned the Rabbit Hill 10-megawatt storage facility in Texas, which provides auxiliary services and energy optimization to the wholesale markets managed by Ormat.
On February 13, weather conditions in Texas caused abnormal reduction in electricity supply, along with record demand for electricity.
Some assess that events that are unfolding in airport represents one of the worse shots to U.S. electricity market in the recent decades.
The extreme weather conditions resulted in shortage of electricity supply, which caused electricity and prices to reach record of thousands of dollars per megawatt hour, probably all-time high.
Starting February 16 and until February 19, our Rabbit Hill facility could not charge from the grid due to the energy emergency alert which resulted in limited ability of the Rabbit Hill storage facility to provide our services.
In order to reduce our merchant risk and increase our contracted in 2021, the company signed a transaction for 80% of the volume at a fixed rate, exchanging the floating RF revenue -- for a fixed our revenue at the end of 2020.
Due to the inability to operate the facility during these times, we expect to record in Q1 financial results, up to approximately $11 million of nonrecurring loss associated with this hedge.
This event is still unfolding, and our goal is to minimize our exposure.
This year, we also completed two acquisitions: One, an operating facility in California, Pomona to shift the EBITDA margins in this business from loss to profit.
The second acquisition was an asset under development upfront in Texas that will contribute for the growth of this business.
Before I move to a discussion on our growth plans, I would like to briefly discuss our commitment to sustainable future and step we took this year to support the environment our community and our employees, in slide 18.
Sustainability is the core of our business and our way of life, saving emissions by generating clean energy that replaces the meeting conventional forms of energy.
Our goal to increase our clean energy portfolio aligns with sustainability values and further sales emissions to the environment globally.
In 2020, the health and safety of Ormat employees, our contractors and the communities in which we live, work and do business are of utmost important.
Throughout this global pandemic, Ormat followed strict protective measures necessary to safeguard every stakeholder health and safety.
This includes adhering to all government regulations and maintaining clear comprehensive plans and protective measures for employees who work in our energy plants, manufacturing facility, offices and elsewhere.
We believe that our success depends in large part on our ability to create and engage with us.
Accordingly, investing in our employees is a key element of our corporate strategy.
Since the beginning of the pandemic outbreak, we did not lay off any employee due to COVID-19.
In the communities we operate, we have created special social projects, adding thousands of people and donating food and medical supplies.
Also, we presented personal protective equipment to hospitals in Kenya, Guatemala, Honduras and the U.S. Moving to slide 20.
Our operating portfolio stands to date at over one gigawatt, comprising of 873 megawatts of geothermal, 53 megawatts offering, 7-megawatt of hybrid solar and 73 megawatts of energy storage.
We have a robust growth plan to increase by 2023, our total portfolio by almost 50%, with a significant contribution from the Energy Storage business, as detailed in the following slide.
This increase is subject to obtaining all permitting and regulatory approvals required as well as completing the development and construction of these power plants as planned.
Moving to slide 21.
Our medium-term goal is to increase the capacity of the electricity segment.
From our previous estimate of approximately 170 megawatts by end of 2022 to between 250 and 270 megawatts by the end of 2023, representing a total increase of up to 29%.
In our rapidly growing energy storage portfolio, we are planning to enhance our growth and to increase our portfolio by up to approximately 400% -- between 200 megawatts to 300 megawatts by the end of 2023.
This represents a significant increase compared to our previous growth target of 80 to 175 megawatts, we set for 2021, 2022.
Additionally, we believe that we may see additional increase coming from potential M&A activities.
The next slide explains 14 projects under way that comprise the majority of our 2023 growth plans.
We already secured long-term PPA for the majority of these projects and affirm the resource viability.
While our electricity segment has navigated the pandemic well, we had some challenges and changes to the timing of projects coming online.
The current expected commercial operation of CD4 inhibitor is during the first half of 2021, a change that was caused mainly due to delays in permitting due to COVID-19.
Slide 23 shows the geoterminal pipeline we hold for long-term growth.
These are additional prospects that are in different states of exploration.
Moving to slide 24 and 25.
The second layer of our growth plan comes from Energy Storage segment.
Slide 24 demonstrates the energy storage facilities we have announced or started construction.
The other projects included in our growth plans are in different stages of development, and the release will require a site control and execution of interconnection agreement, all obviously subject to economic justification.
Our current pipeline presented in slide 25, which is updated frequently include 33 names, potential projects with a total potential capacity of over one gigawatt, which are in different stages of development.
As I mentioned earlier, we believe that we can develop from this potential pipeline between 200 to 300 megawatts by the end of '23, mainly in Texas, New Jersey and California.
This target excludes any add-on for M&A activities that we are proactively seeking.
Moving to slide 26.
The significant growth in both our electricity and storage segments will require robust investments over the next couple of years.
To fund this growth, we have over $900 million of cash and available and restricted cash and lines of credits.
Our total expected capital expense for 2021 includes approximately $450 million for capital expenditure for construction of new projects of geothermal, solar and storage; enhancement to our existing geoterminal power plant at management release for construction; maintenance of capital expenditures, including our work at the Puna power plant; and enhancements to our production facilities as detailed in slide 32 in the appendix.
Overall, Ormat is well positioned with excellent liquidity and ample access to additional capital to fund future initiatives.
We expect total revenues between $640 million and $675 million, with electricity segment's revenue between $570 million and $580 million.
The electricity segment includes $32 million from the Puna power plant in Hawaii, assuming we are without plans, mainly close to full operations in mid-2021.
We expect product segments revenue between $50 million to $70 million.
Revenues for energy storage is expected to be between $20 million and $25 million.
We expect adjusted EBITDA to be between $400 million and $410 million.
We expect annual adjusted EBITDA attributable to minority interest to be approximately $32 million.
Moving to the last slide.
The winter of 2020, 2021 brought away the beneficial legislation to the renewable energy industry in the United States.
In December, the Congress package included extensions to the production tax credit and investment tax credits for renewable projects, including geothermal, solar and storage and recovered energy projects.
While the December legislation did not provide a tax credit for stand-alone energy storage facilities, storage facilities related to the functioning of the solar facility were determined to be eligible for the IT fee, and we believe that our after energy storage facility can benefit from it.
In addition, safe harbor provision for renewable energy developers to claim this tax credit was extended from five to 10 years.
This enhanced flexibility, will encourage renewable developers to get construction going on more projects over the next decade.
Finally, a few days ago, the California Public Utility Commission, the CPUC issued a ruling requesting comment on a proposal for 1,000 megawatts, each of new geoterminal and long duration storage procurement between 2024 and 2026.
With the tailwind of this support, 2021 is going to be a significant buildup year, accelerating our growth in the storage and electricity with a goal to reach $500 million of annual run rate of adjusted EBITDA toward the end of 2022, that we expect to continue to grow as we move forward with our plans in 2023 and onwards.
This goal shows that our way to deliver accelerated profitability growth in the geothermal business is also applicable to our storage business.
This will happen by applying our vertical integration approach, mitigation, the partial inherent merchant risk through diversification, using our stable geothermal portfolio as a solid foundation to our storage business and maintaining a strong capital position with access to various sources of capital.
We are planning to conduct an Analyst Day likely in May of this year, where we expect to discuss in more details the growth goals in our electricity and storage segments, and our plans achieving the adjusted EBITDA goal.

user
qtrly earnings per share $0.39.
sees 2021 total revenues of between $640 million and $675 million.
sees 2021 adjusted ebitda to be between $400 million and $410 million.
sees 2021 electricity segment revenues between $570 million and $580 million.

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