Business Context and Reporting Period
Company: Ormat Technologies, Inc.
Filing Type: Form 8-K (Current Report)
Report Date: February 23, 2023 (Event Date: February 22, 2023)
Reporting Period: Fourth fiscal quarter and full fiscal year ended December 31, 2022.
Key Financial Metrics
The filing serves as a notification of earnings results and incorporates the detailed financial data by reference to Exhibit 99.1 (Press Release). This specific 8-K text does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity.
Accounting Policy Change: Starting in the fourth quarter of 2022, the company includes accretion expenses related to asset retirement obligations in the adjustments to net income when calculating EBITDA and Adjusted EBITDA.
Material Changes
- Non-GAAP Presentation: The presentation of EBITDA and Adjusted EBITDA for Q4 and FY 2022 now includes accretion expenses.
- Historical Data: Prior year and quarter periods have not been recast to include these accretion expenses as the amounts were deemed immaterial.
Guidance, Outlook, and Risks
The filing text does not provide specific guidance, outlook, management commentary, or risk factors. It notes that the information furnished, including the press release, is not deemed "filed" for purposes of Section 18 of the Exchange Act and is not subject to liabilities under that section unless expressly incorporated by reference.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific revenue, net income, and cash flow figures for Q4 and FY 2022.
- Verify the reconciliation of non-GAAP measures (EBITDA and Adjusted EBITDA) to GAAP measures as referenced in the press release.
- Confirm the impact of the new accretion expense inclusion on Adjusted EBITDA calculations for future periods.