false 0001296445 0001296445 2021-11-03 2021-11-03
 
 
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 (Date of earliest event reported): November 4, 2021 (November 3, 2021)
 
Ormat Technologies, Inc. 
(Exact Name of Registrant as Specified in Its Charter)
 
Delaware
001-32347
No. 88-0326081
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
6140 Plumas Street, Reno, Nevada
 
89519-6075
(Address of Principal Executive Offices)
 
(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))
 
Securities registered pursuant to Section 12(b) of the Exchange Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares
ORA
NYSE
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
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. ☐
 
 
 
 
 
Item 2.02. Results of Operations and Financial Condition.
 
On November 3, 2021 Ormat Technologies, Inc. (the “Registrant”) reported its earnings for its second fiscal quarter ended September 30, 2021. A copy of the Registrant'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.
(d) Exhibits
 
Exhibit
Description of Document
   
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
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.
 
       
 
By:
/s /Doron Blachar
 
 
Name:   
Doron Blachar  
 
Title:      
Chief Executive Officer  
       
 
Date: November 4, 2021
 
 

Exhibit 99.1

 

ORMATLOGO.JPG

 

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

FNK IR

646-415-8972

rob@FNKIR.com

 

 

 

ORMAT TECHNOLOGIES REPORTS THIRD QUARTER 2021 FINANCIAL RESULTS

 

NEWLY AQUIRED GEOTHERMAL ASSETS CONTRIBUTED TO OUR REVENUES AND BOTTOM LINE

ELECTRICITY SEGMENT CONTINUES TO DELIVER PROFIT GROWTH

INCREASED PRODUCT SEGMENT BACKLOG TO $67 MILLION

REITERATE 2021 ANNUAL ADJUSTED EBITDA GUIDANCE

 

 

RENO, Nev. November 3, 2021, Ormat Technologies, Inc. (NYSE: ORA) today announced financial results for the third quarter ended September 30, 2021.

 

KEY FINANCIAL RESULTS

 

    Q3 2021    

Q3 2020

   

Change (%)

   

YTD 2021

    YTD 2020     Change (%)  
GAAP Measures                                                
Revenues ($ millions)                                                

Electricity

    142.7       123.7       15.4

%

    421.5       395.2       6.7

%

Product

    10.5       29.6       (64.5

)%

    26.6       120.7       (78.0

)%

Energy Storage

    5.7       5.7       -

%

    24.0       10.0       139.6

%

Total Revenues

    158.8       158.9       (0.1

)%

    472.1       526.0       (10.2

)%

                                                 

Gross margin (%)

                                               

Electricity

    42.8

%

    38.0

%

            41.8

%

    44.3

%

       

Product

    12.8

%

    18.9

%

            12.8

%

    20.7

%

       

Energy Storage

    12.2

%

    25.6

%

            37.5

%

    10.1

%

       

Gross margin (%)

    39.8

%

    34.0

%

            40.0

%

    38.3

%

       
                                                 

Operating income ($ millions)

    36.0       51.7       (30.4

)%

    114.5       160.8       (28.8

)%

Net income attributable to the Company’s stockholders

    14.9       15.7       (5.0 )%     43.2       64.8       (33.3 )%

Diluted EPS ($)

    0.26       0.31       (16.1 )%     0.77       1.26       (38.9 )%
                                                 

Non-GAAP Measures 1

                                               

Adjusted Net income attributable to the Company’s stockholders

    17.8       15.7       13.7 %     55.7       64.8       (14.0 )%

Adjusted Diluted EPS ($)

    0.32       0.31       3.6 %     0.99       1.26       (21.6 )%

Adjusted EBITDA1 ($ millions)

    101.6       107.1       (5.1

)%

    285.4       311.0       (8.2

)%

 

(1) Reconciliation is set forth below in this release

 

“We again delivered year-over-year growth in the Electricity segment. The recent acquisition of two geothermal power plants in Nevada, the stable operation of the Puna power plant at 26MW and the contribution of business interruption insurance related to the Puna eruption helped us deliver sequential growth despite the operational challenges and unexpected equipment issues we recently experienced in some of our power plants. We made progress in resolving these challenges and expect them to gradually recover by the first half of 2022.” commented Doron Blachar, Chief Executive Officer.

 

“Our product segment market continued to recover from Covid impacts as we signed in the third quarter two supply contracts in Nicaragua and in Indonesia,” continued Blachar. “As a result, our product segment backlog increased to $67 million, giving us a good start for this segment going into 2022. As we move towards full operation of our portfolio and continued recovery of our product segment, we expect to increase top- and bottom-line growth, boosting overall profitability and supporting the earnings power of the Company.”

 

“We continue to make progress in our growth plans in both our storage and geothermal portfolios, and we expect to expand the capacity of the two geothermal assets that we recently acquired and continue to accelerate our development in Indonesia where a significant portion of the world’s geothermal potential exists” concluded Blachar. “We are making steps toward achieving our long-term goal of increasing our combined geothermal, energy storage and solar generating portfolio to more than 1.5 GW by 2023, supporting our target of an annual run-rate of more than $500 million in Adjusted EBITDA towards the end of 2022.”

 

 

1 Reconciliation is set forth below in this release

 
 

 

FINANCIAL AND BUSINESS HIGHLIGHTS

 

 

•

Net income attributable to the Company's stockholders was $14.9 million, or $0.26 per diluted share, compared to $15.7 million, or $0.31 per diluted share in the third quarter of last year, representing a decrease of 5.0% and 16.1%, respectively, mainly as a result of lower operating income driven mainly by a $9.0 million increase in the G&A expenses;

 

 

•

Adjusted net income attributable to the Company’s stockholders was $17.8 million, or $0.32 per diluted share, compared to $15.7 million or $0.31 per diluted share in 2020. Net income attributable to the Company’s stockholders in the third quarter of 2021 was adjusted to exclude transaction costs of $3.7 million pre-tax and $2.9 million after tax related to the TG Geothermal assets acquisition.

 

 

•

Electricity segment revenues increased compared to the third quarter of last year, supported by a contribution from the MGH Complex expansion, Puna recovery and the recently completed acquisition of two plants from TG Geothermal, partially offset by lower performance at our Olkaria complex in Kenya, Bouillante power plant in Guadeloupe and Brawley power plant in California. We expect to restore generating capacity in the Bouillante and Brawley power plant by year-end and in our Olkaria complex in the first half of 2022;

 

 

•

Total business interruption insurance income recorded in the third quarter 2021 was $15.8 million, of which $15.5 million was included in the Electricity segment cost of revenues and impacted the segment gross profit, and the balance of $0.3 million was included in operating income, compared to $20.4 million in the third quarter 2020, of which $2.6 million was included in the Electricity segment cost of revenues and impacted the segment gross profit and the balance of $17.8 million was included in the operating income. Excluding the impact of business interruption insurance income, gross profit increased 2.8% compared to the same quarter last year;

 

 

•

Product segment revenues decreased 64.5% to $10.5 million, down from $29.6 million in the same quarter of last year, impacted primarily by COVID-19;

 

 

•

Energy Storage segment revenues were $5.7 million, similar to last year;

 

 

•

G&A expenses in the third quarter of 2021 increased 62.0% from $14.5 million in the third quarter of 2020 to $23.6 million this year. The increase is mainly due to $5.5 million of transaction costs including costs of $3.7 million related to the TG Geothermal acquisition that was closed during July, legal costs associated with the business interruption insurance claim and legal costs associated with the investigation by the Special Committee;

 

 

•

Product segment backlog grew by 13.2% to $66.9 million as of November 3, 2021;

 

 

•

Adjusted EBITDA decreased 5.1% to $101.6 million, from $107.1 million in the third quarter of last year mainly due to a combination of lower business interruption income and higher G&A costs. In addition, the benefit of the newly acquired assets from TG Geothermal was partly offset by a $9.2 million year-over-year reduction in EBITDA as a result of operational issues at three of our plants (a reconciliation of GAAP net income to EBITDA and Adjusted EBITDA is set forth below in this release);

 

In addition, the Company:

 

 

◦

Completed a $38.9 million tax equity partnership transaction for the Steamboat Hills geothermal power plant with additional future payments of approximately $5.3 million, whereby the Company will continue to operate and maintain the power plant and will receive substantially all of the distributable cash flow generated by the power plant;

 

 

◦

Signed a JV agreement with a local Indonesian gold mining company to explore the Toka Tindung project located in the Bitung area of the North Sulawesi region, Indonesia. The Company is expected to hold a 75% interest in the project;

 

 

◦

Signed a supply contract with Polaris Infrastructure Inc. (TSX: PIF) for a 10 MW power plant located in Nicaragua; and,

 

 

◦

Signed a Long-Term Resource Adequacy agreement with Pacific Gas and Electric Company (PG&E) for the 20MW/40MWh Pomona-2 facility that is currently under construction.

 

 
 

 

2021 GUIDANCE

 

 

•

Total revenues of between $652 million and $675 million;

 

 

•

Electricity segment revenues between $585 million and $595 million;

 

 

•

Product segment revenues of between $40 million and $50 million;

 

 

•

Energy Storage revenues of between $27 million and $30 million;

 

 

•

Adjusted EBITDA to be between $400 million and $410 million;

 

 

•

Adjusted EBITDA includes insurance proceeds related to the 2018 Puna insurance claim of $15.8 million.

 

 

•

Adjusted EBITDA attributable to minority interest of approximately $31 million.

 

The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three and nine months ended September 30, 2021. However, the Company is unable to provide a reconciliation for its Adjusted EBITDA guidance range due to the high variability and complexity with respect to estimating forward looking amounts for impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

 

DIVIDEND

 

On November 3, 2021, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on December 3, 2021, to stockholders of record as of the close of business on November 17, 2021.

 

CONFERENCE CALL DETAILS

 

Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, November 4, at 10 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 60 minutes after the conclusion of the live call.

Investors may access the call by dialing:

 

Participant dial in (toll free): 1-844-200-6205
Participant international dial-in: 1-929-526-1599
Participant access code 248607
   
Conference replay  
US Toll Free: 1-866 813 9403
International Toll: +44 204 525 0658
Replay Access Code: 355169

       

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 robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. 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. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,200 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1.1 GW with 1,015 MW of geothermal and Solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and 83 MW energy storage portfolio that is located in the U.S.

 

 
 

 

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’s Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 26, 2021 and from time to time, in Ormat’s quarterly reports on Form 10-Q that are filed with the SEC.

 

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.

 

 
 

 

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

Condensed Consolidated Statement of Operations

For the Three and Nine Month Periods Ended September 30, 2021 and 2020

 

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 
   

2021

   

2020

   

2021

   

2020

 
   

(Dollars in thousands, except per share data)

 

Revenues:

                               

Electricity

    142,651       123,660       421,503       395,201  

Product

    10,527       29,625       26,580       120,737  

Energy storage

    5,664       5,662       24,012       10,022  

Total revenues

    158,842       158,947       472,095       525,960  

Cost of revenues:

                               

Electricity

    81,549       76,670       245,136       219,988  

Product

    9,182       24,037       23,180       95,724  

Energy storage

    4,971       4,210       15,017       9,014  

Total cost of revenues

    95,702       104,917       283,333       324,726  

Gross profit

    63,140       54,030       188,762       201,234  

Operating expenses:

                               

Research and development expenses

    1,175       1,490       3,179       4,281  

Selling and marketing expenses

    2,671       4,076       10,935       13,724  

General and administrative expenses

    23,554       14,539       60,400       43,154  

Business interruption insurance income

    (248 )     (17,761 )     (248 )     (20,743 )

Operating income

    35,988       51,686       114,496       160,818  

Other income (expense):

                               

Interest income

    519       626       1,590       1,469  

Interest expense, net

    (22,230 )     (21,756 )     (59,872 )     (58,814 )

Derivatives and foreign currency transaction gains (losses)

    (21 )     1,047       (16,229 )     2,111  

Income attributable to sale of tax benefits

    7,879       7,014       21,654       16,818  

Other non-operating income (expense), net

    44       961       (308 )     1,343  

Income from operations before income tax and equity in earnings (losses) of investees

    22,179       39,578       61,331       123,745  

Income tax provision

    (2,048 )     (15,361 )     (9,323 )     (45,275 )

Equity in earnings (losses) of investees, net

    649       (1,119 )     1,796       (196 )

Net income

    20,780       23,098       53,804       78,274  

Net income attributable to noncontrolling interest

    (5,878 )     (7,419 )     (10,617 )     (13,516 )

Net income attributable to the Company's stockholders

    14,902       15,679       43,187       64,758  

Earnings per share attributable to the Company's stockholders:

                               

Basic

    0.27       0.31       0.77       1.27  

Diluted

    0.26       0.31       0.77       1.26  

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

                               

Basic

    56,003       51,072       55,995       51,051  

Diluted

    56,298       51,282       56,413       51,386  

 

 
 

 

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

Condensed Consolidated Balance Sheet

For the Periods Ended September 30, 2021 and December 31, 2020

 

 

   

September 30, 2021

   

December 31, 2020

 

ASSETS

 

Current assets:

               

Cash and cash equivalents

    267,802       448,252  

Marketable securities at fair value

    45,479       —  

Restricted cash and cash equivalents

    88,498       88,526  

Receivables:

               

Trade

    140,314       149,170  

Other

    27,346       17,987  

Inventories

    27,356       35,321  

Costs and estimated earnings in excess of billings on uncompleted contracts

    9,324       24,544  

Prepaid expenses and other

    29,320       15,354  

Total current assets

    635,439       779,154  

Investment in unconsolidated companies

    109,725       98,217  

Deposits and other

    61,716       66,989  

Deferred income taxes

    149,178       119,299  

Property, plant and equipment, net

    2,298,903       2,099,046  

Construction-in-process

    615,482       479,315  

Operating leases right of use

    19,690       16,347  

Finance leases right of use

    7,002       11,633  

Intangible assets, net

    370,889       194,421  

Goodwill

    91,342       24,566  

Total assets

    4,359,366       3,888,987  
                 

LIABILITIES AND EQUITY

 

Current liabilities:

               

Accounts payable and accrued expenses

    127,432       152,763  

Billings in excess of costs and estimated earnings on uncompleted contracts

    15,829       11,179  

Current portion of long-term debt:

               

Limited and non-recourse:

               

Senior secured notes

    25,391       24,949  

Other loans

    36,203       35,897  

Full recourse

    312,661       17,768  

Operating lease liabilities

    2,902       2,922  

Finance liabilities

    13,854       3,169  

Total current liabilities

    534,272       248,647  

Long-term debt, net of current portion:

               

Limited and non-recourse:

               

Senior secured notes

    296,382       315,195  

Other loans

    258,916       284,928  

Full recourse:

    742,978       777,090  

Operating lease liabilities

    16,650       12,897  

Finance liabilities

    246,722       9,104  

Liability associated with sale of tax benefits

    97,714       111,476  

Deferred income taxes

    85,922       87,972  

Liability for unrecognized tax benefits

    3,677       1,970  

Liabilities for severance pay

    16,598       18,749  

Asset retirement obligation

    71,628       63,457  

Other long-term liabilities

    6,009       6,235  

Total liabilities

    2,377,468       1,937,720  
                 

Commitments and contingencies

               
                 

Redeemable noncontrolling interest

    9,542       9,830  
                 

Equity:

               

The Company's stockholders' equity:

               

Common stock

    56       56  

Additional paid-in capital

    1,269,568       1,262,446  

Retained earnings

    573,408       550,103  

Accumulated other comprehensive income (loss)

    (9,647 )     (6,620 )

Total stockholders' equity attributable to Company's stockholders

    1,833,385       1,805,985  

Noncontrolling interest

    138,971       135,452  

Total equity

    1,972,356       1,941,437  

Total liabilities, redeemable noncontrolling interest and equity

    4,359,366       3,888,987  

 

 
 

 

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

Reconciliation of EBITDA and Adjusted EBITDA

For the Three and Nine-Month Periods Ended September 30, 2021 and 2020

 

 

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 or loss from extinguishment of liabilities, (viii) gain or loss on sale of subsidiary and property, plant and equipment and (ix) other unusual or non-recurring items. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or GAAP, 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 U.S. GAAP. Our board of directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. 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 and nine-month periods ended September 30, 2021 and 2020.

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 
   

2021

   

2020

   

2021

   

2020

 
   

(Dollars in thousands)

   

(Dollars in thousands)

 

Net income

  $ 20,780     $ 23,098     $ 53,804     $ 78,274  

Adjusted for:

                               

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

    21,711       21,130       58,282       57,345  

Income tax provision (benefit)

    2,048       15,361       9,323       45,275  

Adjustment to investment in an unconsolidated company: our proportionate share in interest expense, tax and depreciation and amortization in Sarulla

    2,889       4,395       8,253       10,271  

Depreciation and amortization

    47,548       39,628       130,503       111,728  

EBITDA

  $ 94,976     $ 103,612     $ 260,165     $ 302,893  

Mark-to-market (gains) or losses from accounting for derivative

    —       431       1,096       (1,612 )

Stock-based compensation

    2,120       2,807       6,840       7,060  

Reversal of a contingent liability

    —       —       (418 )     —  

Allowance for bad debts related to February power crisis in Texas

    —       —       2,980       —  

Hedge losses resulting from February power crisis in Texas

    —       —       9,133       —  

Merger and acquisition transaction costs

    4,539       211       5,497       1,369  

Other write-off

    —       —       134       —  

Settlement expenses

    —       —       —       1,277  

Adjusted EBITDA

  $ 101,635     $ 107,061     $ 285,427     $ 310,987  

 

 
 

 

ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES

Reconciliation of Adjusted Net Income attributable to the Company's stockholders and Adjusted EPS

For the Three and Nine-Month Periods Ended September 30, 2021 and 2020

 

 

Adjusted Net Income attributable to the Company's stockholders and Adjusted EPS are adjusted for expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributable to the Company's stockholders and Adjusted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.

 

The following tables reconciles Net income attributable to the Company's stockholders and Adjusted EPS for the Three and Nine-month periods ended September 30, 2021 and 2020.

 

   

Three Months Ended September 30, 2021

   

Nine Months Ended September 30, 2021

 
   

2021

   

2020

   

2021

   

2020

 

(in millions, except for EPS)

                               
                                 

GAAP Net income attributable to the Company's stockholders

  $ 14.9     $ 15.7     $ 43.2     $ 64.8  
                                 

One-time net expense related to February power crisis in Texas, net of taxes

    —       —       8.8       —  
                                 

Acquisition costs related to TG Geothermal Portfolio transaction, net of taxes

  $ 2.9       —     $ 3.7       —  
                                 

Adjusted Net income attributable to the Company's stockholders

  $ 17.8     $ 15.7     $ 55.7     $ 64.8  
                                 
                                 
                                 
                                 

GAAP diluted EPS

  $ 0.26     $ 0.31     $ 0.77     $ 1.26  
                                 

One-time net expense related to February power crisis in Texas, net of taxes

    —       —       0.16       —  
                                 

Acquisition costs related to TG Geothermal Portfolio transaction, net of taxes

  $ 0.06       —     $ 0.07       —  
                                 
                                 

Diluted Adjusted EPS

  $ 0.32     $ 0.31     $ 0.99     $ 1.26