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Ormat Technologies Inflates Key Profit Metric With New Calculation Method
Geothermal energy firm’s non-GAAP profit would’ve been flat under the previous methodology.
March 2, 2023
Going forward Ormat Technologies (ORA), a renewable energy electricity producer, will add back impairment charges and accretion expenses to its Adjusted EBITDA metric. In 2022, Ormat added back $33.4 million in aforementioned, inflating Adjusted EBITDA by approximately 8.3%.
Without the new calculation method Ormat’s preferred profit metric would have been flat year-over-year.
Excluding the expenses allowed Ormat to report 8.5% Adjusted EBITDA growth.
Separately, Ormat approved a new Change in Control Severance plan in which executives are now eligible to receive up to 200% of the sum of their base salary and target bonus, among other perks, in the event of an acquisition.
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