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Section 1: 8-K (FORM 8-K)

ora20180507_8k.htm

Table of Contents



 

UNITED STATES

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

________________

 

  

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

 

Date of Report: May 8, 2018

 

Ormat Technologies, Inc.


(Exact Name of Registrant as Specified in Its Charter)

001-32347

(Commission File Number)

 

 

 

Delaware
(State of Incorporation)

 

No. 88-0326081
(I.R.S. Employer Identification No.)

 

 

 

6225 Neil Road, Reno, Nevada
(Address of Principal Executive Offices)

 

89511-1136
(Zip Code)

 

(775) 356-9029
(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report) 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company

 

☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Table of Contents

 

TABLE OF CONTENTS

 

 

 

Item 2.02     Results of Operation and Financial Condition

Item 9.01     Financial Statements and Exhibits

Signatures

Exhibit Index

Exhibit 99.1

Ex-99.1     Press Release

 

- 2 -

Table of Contents

 

INFORMATION TO BE INCLUDED IN THE REPORT

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On May 7, 2018 Ormat Technologies, Inc. (the “Company”) reported its earnings for its first fiscal quarter of 2018. A copy of the Company's press release containing this information is furnished as Exhibit 99.1 to this report on Form 8-K and is incorporated herein by reference.

 

 

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities under that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

 

The Registrant is making reference to non-GAAP financial measures in the press release. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

 

 

Item 9.01. Financial Statements and Exhibits.

 

(c) Exhibits

The following exhibit is furnished as part of this report on Form 8-K:

 

99.1     Press release of the Registrant dated May 7, 2018 containing financial information for its first fiscal quarter of 2018.

 

 

Safe Harbor Statement

 

Information provided in this report on Form 8-K may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the Registrant’s plans, objectives and expectations for future operations and are based upon management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2018.

 

 

 

These forward-looking statements are made only as of the date hereof, and the Registrant undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

 

- 3 -

Table of Contents

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

ORMAT TECHNOLOGIES, INC.

(Registrant)

 

 

 

 

 

 

 

 

 

       

 

By:

 /s/ Isaac Angel

 

 

 

Isaac Angel 

 

 

 

Chief Executive Officer

 

 

Date: May 8, 2018

 

- 4 -

Table of Contents

 

EXHIBIT INDEX

 

Exhibit

Number


Description

 
     

99.1

Press Release of Registrant dated May 7, 2018

 

 

- 5 -

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Section 2: EX-99.1 (EXHIBIT 99.1)

ex_113270.htm

Exhibit 99.1

 

 

 

Ormat Technologies Contact:

Smadar Lavi

VP Corporate Finance and Head of Investor Relations

775-356-9029 (ext. 65726)

slavi@ormat.com

Investor Relations Agency Contact:

Rob Fink

Hayden - IR

646-415-8972

rob@haydenir.com

 

Ormat Technologies Reports FIRST quarter 2018 financial results

Electricity Revenue up 14% reaching a quarterly record; Net Income attributable to the company’s stockholders of $45 Million and Adjusted EBITDA of $98 Million

 

RENO, Nev. May 7, 2018, Ormat Technologies, Inc. (NYSE: ORA) today announced financial results for the first quarter ended March 31, 2018.

 

($ millions, except per share amounts)

 

Q1 2018

   

Q1 2017

   

Change (%)

 

Revenues

                       

Electricity

    132.5       115.8       14.4 %

Product

    48.7       74.1       (34.3% )

Other

    2.8       -       -  

Total Revenues

    184.0       189.9       (3.1% )

Gross margin (%)

                       

Electricity

    44.5 %     43.0 %     -  

Product

    30.7 %     33.3 %     -  

Other

    (20.3% )     -       -  

Gross margin (%)

    39.9 %     39.2 %     -  
                         

Operating income

    54.6       59.5       (8.2% )
                         

Net income attributable to the Company’s shareholders

    44.7       35.3       26.5 %

Diluted EPS

    0.88       0.70       25.2 %
                         

Adjusted Net income attributable to the Company’s stockholders 1

    24.4       35.3       (30.9% )

Diluted Adjusted EPS1

    0.48       0.70       (31.4% )

Adjusted EBITDA2

    98.4       91.8       7.2 %

 

 


1 Adjusted Net income attributable to the Company’s stockholders and diluted EPS for the first quarter of 2018 excludes the $20.3 million tax benefits recorded for the reduction of the valuation allowance related to foreign tax credits

2 The way we compute Adjusted EBITDA and a reconciliation of GAAP net income to EBITDA and Adjusted EBITDA is set forth below in this release.

 

ORMAT TECHNOLOGIES, INC.  

 

6225 Neil Road Reno, Nevada  •  +1-775-356-9029  •  ormat@ormat.com

ormat.com

 

 

First quarter 2018 financial Highlights and recent developments:

 

 

Total revenues of $184.0 million, down 3.1% compared to the first quarter of 2017;

 

Electricity segment revenues of $132.5 million, up 14.4% compared to the first quarter of 2017;

 

Electricity generation increased 6.7%, compared to the first quarter of 2017, from 1.43 million MWh to 1.52 million MWh;

 

Product segment revenues of $48.7 million, down 34.3% compared to the first quarter of 2017;

 

Product segment backlog increased 15.6% to $281.0 million as of May 7, 20183;

 

Other revenue, representing the contribution of Ormat’s energy storage initiatives, were $3.0 million in the quarter;

 

Gross margin was 39.9% of total revenues compared to 39.2% in the first quarter of 2017, due to improved efficiency in the Electricity segment; Electricity segment gross margin increased to 44.5% from 43.0%;

 

Net income attributable to the company's shareholders was $44.7 million, or $0.88 per diluted share, compared to $35.3 million, or $0.70 per diluted share, in the first quarter of 2017;

 

Adjusted net income attributable to the company's shareholders of $24.4 million, or $0.48 per diluted share, compared to $35.3 million, or $0.70 per diluted share, in the first quarter of 2017;

 

Adjusted EBITDA of $98.4 million, up 7.2% compared to $91.8 million in the first quarter of 2017;

 

Declared a quarterly dividend of $0.10 per share for the first quarter of 2018;

 

Closed a $100.0 million senior, unsecured loan to fund capital needs to support long-term growth plans.

 

Ormat’s Viridity Energy Solutions, Inc., remains on track to start construction of two 20MW/20MWh utility scale, in-front-of-the-meter battery energy storage systems (BESS) located in Plumsted Township and Alpha, New Jersey;

 

Ormat closed the acquisition of U.S. Geothermal, Inc. (USG) which became an indirect subsidiary of Ormat and Ormat indirectly acquired the interests held by USG and its subsidiaries in, among other assets, three power plants at Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho with a total net generating capacity of approximately 38 MW, which will be fully integrated into Ormat electricity segment;

 

Signed a finance agreement with the Overseas Private Investment Corporation (OPIC), United States government’s development finance institution, to provide an approximately $125.0 million loan (on a non-recourse basis) for the 35 MW Platanares geothermal power plant in Honduras;

 

On May 3, 2018, the Kilauea volcano located in close proximity to our Puna geothermal power plant in Hawaii erupted. Necessary steps to secure the Puna facilities, including, among others, taking electricity generation offline, were taken. The impact of the volcanic eruption is still under assessment and may have a material adverse impact on our business and results of operations.

 

 

“This was a milestone quarter for Ormat, as we closed the acquisition of U.S. Geothermal, which broadens and diversifies our operations in the United States, expanding our presence into Idaho and Oregon and gives us additional opportunities to strengthen our development pipeline,” commented Isaac Angel, Chief Executive Officer. “The implementation of our growth plan combined with the efforts to improve efficiency and resource performance at our plants continues to drive enhanced financial performance. We had record results in the Electricity segment with 14.4% increase in revenues and 3.7% improvement in the segment’s gross margin, reaching 44.5% margin. This performance helped to largely offset the expected decline in revenue related to our products segment, ultimately driving a 7.2% increase in our Adjusted EBITDA to a quarterly record of $98.4 million. With the contribution of USG's 38 MW operating portfolio and the completion of the 4 MW enhancement at our Brady project, we increased our generation portfolio to approximately 837 MW and we are on track to achieve our growth target of between 186 MW and 196 MW by the end of 2020.”

 

Mr. Angel added, “I am encouraged with the increase in our product segment backlog. This $281.0 million backlog secures revenues for our product segment in 2019. We are also seeing progress in our energy storage initiatives. We remain on track to start construction of two 20MW/20MWh utility scale, in-front-of-the-meter battery energy storage systems (BESS) located in New Jersey. We continue to view energy storage, and our differentiated Battery Storage as a Service (BSAAS) offering as a long-term growth opportunity for Ormat, helping to further solidify our position as a leader in the broader renewable energy sector.”

 


3 The Product segment backlog includes revenues for the period between April 1, 2018 and May 7, 2018. The increase in the backlog is compared with the Backlog of $243 million as of February 26, 2018.

 

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Guidance

 

Mr. Angel added, “We update our full-year 2018 guidance to include the financial contribution of U.S. Geothermal’s assets and now expect total revenues between $711.0 million and $735.0 million with electricity segment revenues between $523.0 million and $533.0 million and product segment revenues between $180.0 million and $190.0 million. Revenues from energy storage and demand response activity are expected to be between $8.0 million and $12.0 million. We expect 2018 Adjusted EBITDA between $368.0 million and $378.0 million for the full year. We expect annual Adjusted EBITDA attributable to minority interest to be approximately $28.0 million.”

 

first Quarter 2018 Financial Results

 

For the three months ended March 31, 2018, total revenues were $184.0 million, down 3.1% compared to the quarter ended March 31, 2017. Electricity segment revenues increased 14.4% to $132.5 million for the three months ended March 31, 2018, up from $115.8 million for the three months ended March 31, 2017. Product segment revenues decreased 34.3% to $48.7 million for the three months ended March 31, 2018, from $74.1 million for the three months ended March 31, 2017. Other revenue, representing the contribution of Ormat’s energy storage initiatives, were $3.0 million in the quarter.

 

General and administrative expenses for the three months ended March 31, 2018 were $13.8 million, or 7.5% of total revenues, compared to $9.9 million, or 5.2% of total revenues, for the three months ended March 31, 2017. The increase was primarily attributable to general and administrative expenses from Viridity which was acquired on March 15, 2017; and an increase of approximately $2.0 million in costs associated with our tax material weakness that was identified in the fourth quarter of 2017 and the additional work and controls to compensate for that material weakness.

 

The Income tax benefit for the three months ended March 31, 2018 was $2.1 million compared to income tax provision of $10.9 million for the three months ended March 31, 2017. Due to the continuous evolution of the "Tax Cuts and Jobs Act" signed into law on December 22, 2017, certain estimates, as defined by Staff Accounting Bulletin 118 ("SAB 118"), were refined and will continue to be refined pursuant to potential legislative amendments and interpretations of the new law as they become available. As a result of amendments and interpretations during 2018, the Company recorded a tax benefits of $20.3 million for the reduction of the valuation allowance related to foreign tax credits.

 

The company reported net income attributable to the company’s shareholders of $44.7 million, or $0.88 per diluted share, compared to net income attributable to the company’s shareholders of $35.3 million, or $0.70 per diluted share, for the year ago period.

 

Adjusted net income attributable to the company's shareholders of $24.4 million, or $0.48 per diluted share, compared to $35.3 million, or $0.70 per diluted share, in the first quarter of 2017; Adjusted Net income attributable to the Company’s stockholders and diluted EPS for the first quarter of 2018 excludes the $20.3 million tax benefits mentioned above.

 

Adjusted EBITDA for the three months ended March 31, 2018 was $98.4 million, compared to $91.8 million for the three months ended March 31, 2017, an increase of 7.2%. The reconciliation of GAAP net income to EBITDA and Adjusted EBITDA is set forth below in this release.

 

Dividend

 

On May 7, 2018, the Company’s Board of Directors approved and authorized payment of a quarterly dividend of $0.10 per share pursuant to the company’s dividend policy. The dividend will be paid on May 30, 2018 to shareholders of record as of the close of business on May 21, 2018. In addition, the company expects to pay quarterly dividends of $0.10 per share in the next two quarters.

 

Page 3/7

 

Conference Call Details

 

Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Tuesday, May 8, at 9 a.m. ET. The call will be available as a live, listen-only webcast at investor.ormat.com. During the webcast, management will refer to slides that will be posted on the website. The slides and accompanying webcast can be accessed through the News & Events in the Investor Relations section of Ormat’s website.

 

An archive of the webcast will be available approximately 30 minutes after the conclusion of the live call.

Please ask to be joined into the Ormat Technologies, Inc. call.

 

Participant telephone numbers

Participant dial in (toll free): 1-877-511-6790                

Participant international dial in: 1-412-902-4141                

Canada Toll Free: 1-855-669-9657                    

 

Conference replay

US Toll Free: 1-877-344-7529                         

International Toll: 1-412-317-0088                    

Replay Access Code: 10118617                    

 

About Ormat Technologies

 

With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (REG), with the objective of becoming a leading global provider of renewable energy. The company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. With 77 U.S. patents, Ormat’s power solutions have been refined and perfected under the most grueling environmental conditions. Ormat has 530 employees in the United States and 770 overseas. Ormat’s flexible, modular solutions for geothermal power and REG are ideal for the vast range of resource characteristics. The company has engineered, manufactured and constructed power plants, which it currently owns or has installed to utilities and developers worldwide, totaling over 2,600 MW of gross capacity. Ormat’s current approximately 837 MW generating portfolio is spread globally in the U.S., Guatemala, Guadeloupe, Honduras, Indonesia and Kenya. In March 2017, Ormat expanded its operations to provide energy storage and energy management solutions, by leveraging its core capabilities and global presence as well as through its Viridity Energy Solutions, Inc. subsidiary, a Philadelphia-based company with nearly a decade of expertise and leadership in demand response, energy management and storage.

 

 

Ormat’s Safe Harbor Statement

 

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. For a discussion of such risks and uncertainties, see "Risk Factors" as described in Ormat Technologies, Inc.'s Form 10-K filed with the SEC on March 16, 2018.

 

These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

 

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Ormat Technologies, Inc. and Subsidiaries

 

Ormat Technologies, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

For the Three-Month Periods Ended March 31, 2018 and 2017

(Unaudited)

  

   

Three Months Ended March 31

 
   

2018

   

2017

 
   

(In thousands, except per

share data)

 

Revenues:

               

Electricity

  $ 132,489     $ 115,776  

Product

    48,672       74,122  

Other

    2,862        

Total revenues

    184,023       189,898  

Cost of revenues:

               

Electricity

    73,482       66,036  

Product

    33,726       49,452  

Other

    3,443        

Total cost of revenues

    110,651       115,488  

Gross profit

    73,372       74,410  

Operating expenses:

               

Research and development expenses

    1,108       602  

Selling and marketing expenses

    3,699       4,363  

General and administrative expenses

    13,849       9,949  

Write-off of unsuccessful exploration activities

    123        

Operating income

    54,593       59,496  

Other income (expense):

               

Interest income

    113       244  

Interest expense, net

    (14,344 )     (14,923 )

Derivatives and foreign currency transaction gains (losses)

    (1,599 )     1,338  

Income attributable to sale of tax benefits

    7,361       6,157  

Other non-operating expense, net

    (20 )     (92 )

Income before income taxes and equity in losses of investees

    46,104       52,220  

Income tax (provision) benefit

    2,121       (10,886 )

Equity in losses of investees, net

    1,210       (1,599 )
                 

Net income

    49,435       39,735  

Net income attributable to noncontrolling interest

    (4,748 )     (4,423 )

Net income attributable to the Company's stockholders

  $ 44,687     $ 35,312  
                 

Earnings per share attributable to the Company's stockholders - Basic and diluted:

         

Basic:

               

Net Income

  $ 0.88     $ 0.71  
                 

Diluted:

               

Net Income

  $ 0.88     $ 0.70  
                 

Weighted average number of shares used in computation of earnings per share attributable to the Company's stockholders:

               

Basic

    50,614       49,680  

Diluted

    51,051       50,491  

 

Page 5/7

 

Ormat Technologies, Inc. and Subsidiaries

Ormat Technologies, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

As of March 31, 2018 and December 31, 2017

(Unaudited)

 

   

March 31,

   

December 31,

 
   

2018

   

2017

 
                 
   

(In thousands)

 

ASSETS

 

Current assets:

               

Cash and cash equivalents

  $ 54,723     $ 47,818  

Restricted cash, cash equivalents and marketable securities

    50,332       48,825  

Receivables:

               

Trade

    103,580       110,410  

Other

    10,018       13,828  

Inventories

    20,069       19,551  

Costs and estimated earnings in excess of billings on uncompleted contracts

    41,134       40,945  

Prepaid expenses and other

    42,274       40,269  

Total current assets

    322,130       321,646  

Investment in an unconsolidated company

    63,109       34,084  

Deposits and other

    21,205       21,599  

Deferred income taxes

    83,868       20,135  

Deferred charges

          49,834  

Property, plant and equipment, net

    1,723,560       1,734,691  

Construction-in-process

    345,563       293,542  

Deferred financing and lease costs, net

    4,922       4,674  

Intangible assets, net

    84,771       85,420  

Goodwill

    21,253       21,037  

Total assets

  $ 2,670,381     $ 2,586,662  

LIABILITIES AND EQUITY

 

Current liabilities:

               

Accounts payable and accrued expenses

  $ 103,551     $ 153,796  

Short-term revolving credit lines with banks (full recourse)

    38,500       51,500  

Billings in excess of costs and estimated earnings on uncompleted contracts

    10,458       20,241  

Current portion of long-term debt:

               

Limited and non-recourse:

               

Senior secured notes

    28,398       33,226  

Other loans

    21,495       21,495  

Full recourse

    2,809       3,087  

Total current liabilities

    205,211       283,345  

Long-term debt, net of current portion:

               

Limited and non-recourse:

               

Senior secured notes

    305,905       311,668  

Other loans

    237,245       242,385  

Full recourse:

               

Senior unsecured bonds

    303,469       203,752  

Other loans

    46,506       46,489  

Liability associated with sale of tax benefits

    42,622       44,634  

Deferred lease income

    50,745       51,520  

Liability for unrecognized tax benefits

    9,074       8,890  

Liabilities for severance pay

    20,874       21,141  

Asset retirement obligation

    27,639       27,110  

Other long-term liabilities

    21,625       18,853  

Total liabilities

    1,270,915       1,259,787  
                 

Redeemable non-controlling interest

    6,943       6,416  
                 

Equity:

               

The Company's stockholders' equity:

               

Common stock

    51       51  

Additional paid-in capital

    890,485       888,778  

Retained earnings (accumulated deficit)

    418,004       351,622  

Accumulated other comprehensive income (loss)

    (517 )     (4,314 )
      1,308,023       1,236,137  

Noncontrolling interest

    84,500       84,322  

Total equity

    1,392,523       1,320,459  

Total liabilities and equity

  $ 2,670,381     $ 2,586,662  

 

 

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Ormat Technologies, Inc. and Subsidiaries

Reconciliation of EBITDA and Adjusted EBITDA

For the Three-Month Periods Ended March 31, 2018 and 2017

(Unaudited)

 

 

We calculate EBITDA as net income before interest, taxes, depreciation and amortization. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation and amortization, adjusted for (i) termination fees, (ii) impairment of long-lived assets, (iii) write-off of unsuccessful exploration activities, (iv) any mark-to-market gains or losses from accounting for derivatives, (v) merger and acquisition transaction costs, (vi) stock-based compensation, (vii) gain from extinguishment of liability, and (viii) gain on sale of subsidiary and property, plant and equipment. EBITDA and Adjusted EBITDA are not a measurement of financial performance or liquidity under accounting principles generally accepted in the United States of America and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with accounting principles generally accepted in the United States of America. EBITDA and Adjusted EBITDA are presented because we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of a Company’s ability to service and/or incur debt. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

 

The following table reconciles net income to EBITDA and Adjusted EBITDA for the three-month periods ended March 31, 2018 and 2017.

 

 

   

Three Months Ended March 31

 
   

2018

   

2017

 
                 
   

(in thousands)

 

Net income

  $ 49,435     $ 39,735  

Adjusted for:

               

Interest expense, net (including amortization of deferred financing costs)

    14,231       14,679  

Income tax provision

    (2,121 )     10,886  

Adjustment to investment in uncosolidated company:

               

our proportionate share in interest, tax and depreciation and amortization 

    3,530        

Depreciation and amortization

    29,437       25,542  

EBITDA

  $ 94,512     $ 90,842  
                 

Mark-to-market on derivatives instruments

    962       (1,523 )

Stock-based compensation

    1,707       1,713  

Merger and acquisition transaction cost

    1,095       800  

Write-off of unsuccessful exploration activities

    123        

Adjusted EBITDA

  $ 98,399     $ 91,832  

 

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