Ormat Technologies Inc (ORA) 2024 Q3 法說會逐字稿

Good morning and welcome to the Ormat Technologies third-quarter 2024 earnings conference call.

早上好，歡迎參加 Ormat Technologies 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

Please note that this event is being recorded.

請注意，該事件正在被記錄。

I would now like to turn the conference over to Josh Carroll with Alpha IR. Please go ahead.

我現在想將會議交給 Alpha IR 的 Josh Carroll。請繼續。

Thank you, operator. Hosting the call today are Doron Blachar, Chief Executive Officer; Assaf Ginzburg, Chief Financial Officer; and Smadar Lavi, Vice President, Investor Relations and ESG Planning Reporting.

謝謝你，接線生。今天主持電話會議的是執行長 Doron Blachar；阿薩夫‧金茲堡 (Assaf Ginzburg)，財務長； Smadar Lavi，投資者關係和 ESG 規劃報告副總裁。

Before beginning, we'd like to remind you that the information provided during this call may contain forward-looking statements relating to current expectations, estimates, forecasts and projections about future events that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the company's plans, objectives and expectations for future operations and are based on management's current estimates and projections, 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, please see Risk Factors as described in Ormat Technologies' Annual Report on Form 10-K and Quarterly Reports on Form 10-Q that are filed with the SEC.

在開始之前，我們想提醒您，本次電話會議期間提供的資訊可能包含與《私人證券訴訟改革法案》中定義的前瞻性未來事件的當前預期、估計、預測和預測相關的前瞻性陳述1995 年。這些前瞻性陳述通常與公司未來營運的計劃、目標和預期有關，並基於管理層當前的估計和預測、未來結果或趨勢。由於某些風險和不確定性，未來的實際結果可能與預測的結果有重大差異。有關此類風險和不確定性的討論，請參閱 Ormat Technologies 向 SEC 提交的 10-K 表年度報告和 10-Q 表季度報告中所述的風險因素。

In addition, during the call, the company will present non-GAAP financial measures such as adjusted EBITDA. Reconciliation to the most directly comparable GAAP measures and the management's reason for sending such information is set forth in the press release that was issued last night as well as in the slides posted on the website. 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.

此外，在電話會議期間，該公司將介紹非公認會計準則財務指標，例如調整後的 EBITDA。昨晚發布的新聞稿以及網站上發布的幻燈片中闡述了與最直接可比較的公認會計準則衡量標準的調節以及管理層發送此類資訊的原因。由於這些指標並非根據公認會計原則計算，因此不應將其與根據公認會計原則編制的財務報表分開考慮。

Before I turn the call over to management, I'd like to remind everyone that a slide presentation accompanying this call may be accessed on the company's website at ormat.com under the presentation link that's found on the Investor Relations tab.

在將電話轉交給管理層之前，我想提醒大家，可以在公司網站 ormat.com 的「投資者關係」標籤上的演示連結下訪問本次電話會議附帶的幻燈片演示。

With that said, I would now like to turn the call over to Ormat's CEO, Doron Blachar. Doron?

話雖如此，我現在想將電話轉給 Ormat 的執行長 Doron Blachar。多倫？

Thank you, Josh and good morning, everyone. Thank you for joining us today.

謝謝你，喬希，大家早安。感謝您今天加入我們。

During the third quarter, Ormat continued to make significant progress towards achieving its long term growth targets while also delivering strong financial results.

第三季度，Ormat 在實現長期成長目標方面繼續取得重大進展，同時也實現了強勁的財務表現。

Our financial performance during the quarter was highlighted by 16.3% increase in adjusted EBITDA driven by the strength of our growing operating portfolio, solid operational performance and increased benefits for PTC generating during the quarter at higher prices within our electricity segment, we marked another quarter of consistent EBITDA improvements which was driven by contributions from our recently acquired NAL assets and improved operational performance from our pa facility which continues to strengthen in our energy storage business. We made significant progress in the third quarter as we transition to a more stable and consistently profitable portfolio. Setting the stage for accelerated growth.

我們本季的財務表現突出表現在，調整後的EBITDA 增長了16.3%，這得益於我們不斷增長的運營投資組合的實力、穩健的運營業績以及本季度PTC 發電效益的增加，我們電力領域的電價更高，我們標誌著又一個季度的業績成長。業務。隨著我們向更穩定、持續獲利的投資組合過渡，我們在第三季取得了重大進展。為加速成長奠定基礎。

This progress is highlighted by the signing of two tolling agreements in Texas, the signing of an agreement in California and our recent announcement that we have achieved commercial operation for our largest storage facility in our operating portfolio, the 80 megawatts 320 megawatts hour bottleneck project in California. From a global macro perspective, we continue to experience strong industry tailwinds in our three operating segments driven by the momentum we see related to the increased demand for renewable energy to support the massive growth of data centers.

這一進展的突出表現是在德克薩斯州簽署了兩項收費協議，在加利福尼亞州簽署了一項協議，以及我們最近宣布我們運營組合中最大的存儲設施（位於加利福尼亞州的80 兆瓦320兆瓦時瓶頸專案）已實現商業營運。從全球宏觀角度來看，我們在三個營運部門中繼續經歷強勁的行業順風，這得益於我們看到的與支持數據中心大規模增長的可再生能源需求增加相關的勢頭。

Our business is very well positioned to continue to capitalize on these trends which will strengthen our ability to sign additional long term contracts at elevated prices while continuing to maintain strong product segment. We have stated that these trends should improve our profitability over time and allow us to reach our long term goals of growing our operating portfolio to approximately 2.1 to 2.3 gigawatts by the end of 2026.

我們的業務處於非常有利的位置，可以繼續利用這些趨勢，這將增強我們以高價簽署額外長期合約的能力，同時繼續保持強大的產品領域。我們已經表示，隨著時間的推移，這些趨勢應該會提高我們的獲利能力，並使我們能夠實現到 2026 年底將營運組合增加到約 2.1 至 2.3 吉瓦的長期目標。

Before I transfer the call to Assaf, I would like to share with you good news. We recently received in March 2021 we established a special committee of independent directors to investigate among other things, certain claims made in a report published by a short seller regarding the company compliance with anti corruption law, we provided information as requested by the Security and Exchange Commission and Department of Justice related to these claims on October 22, 2024 we were notified by the staff of the SEC that the SEC has concluded its investigation and does not intend to recommend an enforcement action against the company at this time.

在將電話轉接給阿薩夫之前，我想與您分享一個好消息。我們最近在2021 年3 月收到消息，我們成立了一個獨立董事特別委員會，以調查賣空者發布的一份關於該公司遵守反腐敗法的報告中提出的某些主張，我們按照證券交易委員會的要求提供了資訊與這些索賠相關的委員會和司法部於 2024 年 10 月 22 日接到 SEC 工作人員的通知，SEC 已結束調查，目前不打算建議對該公司採取執法行動。

We are proud of the company's commitment to compliance and the strength of our compliance program and we are happy to have this behind us so we can devote our full attention to the important work does every day.

我們對公司對合規性的承諾以及我們合規計畫的實力感到自豪，我們很高興能夠做到這一點，這樣我們就可以全心投入每天的重要工作。

Now, before I provide further updates on our operations and plans, I will turn the call over to Assaf to review the financial results for the quarter.

現在，在我提供有關我們的營運和計劃的進一步更新之前，我將把電話轉給阿薩夫，以審查本季的財務表現。

Thank you, Doron.

謝謝你，多倫。

Let me start my review of our financial highlights on slide. Five total revenue for the third quarter was $211.8 million an increase of 1.8% on a year over year basis.

讓我開始在幻燈片上回顧我們的財務亮點。第五季總營收為2.118億美元，年增1.8%。

Our consolidated top line expansion was driven by 4.7% growth in our electricity segment which serves as a testament to the segment's solid and predictable revenue.

我們的綜合營收擴張是由電力部門 4.7% 的成長推動的，證明了該部門收入穩健且可預測。

On my third quarter, 2024 gross profit was $58.9 million versus $60 million captured in the third quarter of 2023 resulting in a consolidated gross margin of 27.8% versus 28.8% last year. Net income attributable to the company stockholders was $22.1 million or $0.36 per diluted share in the quarter compared to $35.5 million or $0.59 per diluted share in the third quarter of the prior year.

在我的第三季度，2024 年第三季的毛利為 5,890 萬美元，而 2023 年第三季為 6,000 萬美元，綜合毛利率為 27.8%，而去年為 28.8%。本季歸屬於公司股東的淨利潤為 2,210 萬美元，即稀釋後每股收益 0.36 美元，去年第三季歸屬於公司股東的淨利潤為 3,550 萬美元，即稀釋後每股收益 0.59 美元。

The decrease in net income during the quarter was mainly driven by a $9.4 million tax income recorded in the third quarter of 2023. Related to changes in Kenya tax laws adjusted net income attributable to the company stockholders was $26.3 million or $0.42 per diluted share compared to $28.2 million or $0.47 per diluted share in the previous year period. Reconciliations of adjusted net income and EPS are provided in the appendix slide in the back of the presentation. Third quarter adjusted EBITDA was $137.7 million, an increase of 16.3% compared to the $118.3 million generated in the prior year period. The extremely strong year over year increase in adjusted EBITDA was driven by contributions from the NL assets we acquired in the first quarter of 2024.

本季淨利下降的主要原因是 2023 年第三季錄得 940 萬美元的稅收。與肯亞稅法的變化相關，調整後歸屬於公司股東的淨利潤為 2,630 萬美元，即稀釋後每股收益 0.42 美元，而去年同期為 2,820 萬美元，即稀釋後每股收益 0.47 美元。簡報後面的附錄投影片中提供了調整後淨利和每股盈餘的調整表。第三季調整後 EBITDA 為 1.377 億美元，比去年同期的 1.183 億美元成長 16.3%。調整後 EBITDA 年比強勁成長是由我們在 2024 年第一季收購的 NL 資產的貢獻所推動的。

The sale of tax benefits from newly built plans and improved operational performance and higher pricing at our apartment. In addition, our adjusted results during the quarter also benefit from compensation we received from a recently negotiated settlement agreement with a battery supplier. As a result, we will recognize this compensation. About 24 months started April 2024 whereby a total of $25 million will be recognized as income. This quarter, we recognized $6.25 million related to the period between April and September of 2024. And in the next six quarters, we should recognize approximately $3.1 million each quarter to clarify the settlement payments will not have an impact on our storage revenue or margin. They will only be recognized as operating income.

出售新建計畫帶來的稅收優惠以及我們公寓營運績效的改善和更高的定價。此外，我們在本季的調整後業績也受惠於我們最近與電池供應商談判達成的和解協議所獲得的補償。因此，我們將承認該補償。從 2024 年 4 月開始的約 24 個月內，總計 2,500 萬美元將被確認為收入。本季度，我們確認了與 2024 年 4 月至 9 月期間相關的 625 萬美元。在接下來的六個季度中，我們每季應確認約 310 萬美元，以澄清和解付款不會對我們的儲存收入或利潤產生影響。它們只會被確認為營業收入。

Turning to slide 6, we break down the revenue performance at the segment level. Electricity segment revenue increased by 4.7% to $164.6 million. Third quarter, revenue growth was driven by contribution from my acquired net assets and the increase in revenues at our complex following our successful drilling campaign, the solid revenue growth in the electricity segment was partially offset by the expected weaker performance at Dixie Valley plant which was weaker compared to the prior period due to an unplanned partial outage that started during the second quarter of the year which we announced in our second quarter.

轉向投影片 6，我們細分了細分市場層面的收入表現。電力部門營收成長 4.7%，達到 1.646 億美元。第三季度，收入成長是由我收購的淨資產的貢獻以及我們成功鑽探活動後我們綜合體收入的增長推動的，電力部門的穩健收入增長部分被迪克西谷工廠預期疲弱的業績所抵消。在第二季宣布了今年第二季開始的計劃外部分停電，因此與上一時期相比有所疲軟。

Doron will provide an update on Dixie Valley. In the product segment, revenues were still strong but declined by 6.2% to $37.4 million versus the same period last year. The current product segment backlog stand at approximately $165 million as of November 5, 2024. Similar to the backlog level in the second quarter of this year as it includes, among other things, I recently signed $24.7 million contract for geothermal power plant in Portugal in addition to starting the manufacturing of $6.1 million in new facilities. Energy storage second revenues declined 11.1% to $9.8 million in the third quarter. The decline was mainly driven by lower prices in the market.

多倫將提供迪克西谷的最新情況。在產品領域，營收仍然強勁，但與去年同期相比下降了 6.2% 至 3,740 萬美元。截至 2024 年 11 月 5 日，目前產品領域的積壓訂單約為 1.65 億美元。與今年第二季度的積壓水平類似，除其他外，我最近簽署了價值 2470 萬美元的葡萄牙地熱發電廠合同，此外還開始製造價值 610 萬美元的新設施。第三季儲能第二營收下降 11.1% 至 980 萬美元。下降的主要原因是市場價格下跌。

Third quarter 2023 was positively impacted by spike in prices in the market due to weather moving to slide. Seven gross margin for the electricity segment was 30.2% in the third quarter, down from 31.8% from the previous year. The margin comparison was driven primarily by lower generation at our Dixie Valley facility due to the partial shutdown, which we previously noted during our second quarter earnings call breaking down adjusted EBITDA at the segment level.

2023 年第三季受到天氣下滑導致市場價格飆升的正面影響。七、電力板塊第三季毛利率為30.2%，低於上年同期的31.8%。利潤率比較主要是由於我們的迪克西谷工廠因部分關閉而導致發電量下降，我們之前在第二季度財報電話會議上指出，細分了部門層面的調整後 EBITDA。

On slide 8, the electricity segment generated 82% of total consolidated adjusted EBITDA in the third quarter, the product segment contributed 10% and the energy storage segment accounted for 8% of total adjusted dividend reconciliation of EBITDA and adjusted EBITDA are provided in the appendix slide in the back of the presentation.

在幻燈片8中，電力部門在第三季度產生了合併調整後EBITDA總額的82%，產品部門貢獻了10%，儲能部門佔調整後股息折舊及攤銷前利潤調節總額的8%，調整後EBITDA在附錄中提供投影片放在簡報的後面。

Moving to slide 9 in the third quarter, we recorded $19.8 million in income related to tax benefits compared to $14.9 million last year. This increase is mainly attributable to a transferable PTC related to the Huawei Power plant which commenced operation in the second quarter of 2024 and an increase in the value of the PTC. We continue to anticipate that we will receive up to $152 million in cash proceeds related to PTCs and ITC benefits in 2024.

轉到第三季的幻燈片 9，我們記錄了與稅收優惠相關的收入 1,980 萬美元，而去年為 1,490 萬美元。這一成長主要歸因於與2024年第二季開始營運的華為電廠相關的可轉讓PTC以及PTC價值的增加。我們仍然預計，到 2024 年，我們將收到與 PTC 和 ITC 福利相關的高達 1.52 億美元的現金收益。

During the third quarter, we sold and collected $14 million of PTCs we generated from Heber complex and we expect in the fourth quarter to complete the monetization of the bottleneck ITC and complete the tax equity transactions of the complex. While this is our base case expectation, we note that it is possible that the Heber transaction may be pushed to early 2025. As we have noted previously, these proceeds will effectively lower the capital intensity of our multiyear growth strategy.

第三季度，我們出售並收集了從 Heber 綜合體產生的 1,400 萬美元 PTC，我們預計第四季度將完成瓶頸 ITC 的貨幣化，並完成該綜合體的稅務股權交易。雖然這是我們的基本情況預期，但我們注意到 Heber 交易可能會推遲到 2025 年初。正如我們先前指出的，這些收益將有效降低我們多年成長策略的資本密集度。

Looking at lighting our net debt as of September 30 2024 was approximately $2.2 billion equivalent to 4.1 times net debt to EBITDA, cash and cash equivalent and restricted cash and cash equivalent. As of September 30, 2024, was $176.8 million compared to $287.8 million. At the end of 2023, breaks down our use of cash for the nine months Illustrating our ability to generate cash flows to reinvest in and grow the business while servicing our debt obligation and also consistently returning capital to our shareholders.

截至 2024 年 9 月 30 日，我們的淨債務約為 22 億美元，相當於 EBITDA、現金和現金等價物以及限制性現金和現金等價物的淨債務的 4.1 倍。截至 2024 年 9 月 30 日，該數字為 1.768 億美元，而同期為 2.878 億美元。到 2023 年底，我們對這九個月的現金使用情況進行了細分，說明我們有能力產生現金流來再投資和發展業務，同時償還我們的債務義務，並持續向股東返還資本。

Our total debt as of September 30, 2024 was approximately $2.4 billion net of deferred financing cost and is presented on slide 29, in the appendix which outlined the payment schedule. The average cost of our debt for the company stands at 4.6, 0.3% and we reiterate that the majority of our debt liabilities at fixed interest rate.

截至 2024 年 9 月 30 日，扣除遞延融資成本後，我們的總債務約為 24 億美元，投影片 29 的附錄概述了付款計劃。該公司的平均債務成本為 4.6, 0.3%，我們重申，我們的大部分債務均為固定利率。

Moving to slide 11. We have approximately $675 million of total available liquidity. Our expected capital expenditure for the remaining of 2024 is approximately $143 million. As detailed in slide 30 in the appendix, we plan to invest approximately $65 million in the electricity segment for construction, exploration, drilling and maintenance. We also plan to invest $75 million for the construction of our storage during the remainder of 2024. As we continue to progress with executing on our growth plans, we are consistently increasing our case generation which combined with the expected cash from utilizing the tax benefits will fund our capital.

轉到投影片 11。我們的可用流動資金總額約為 6.75 億美元。我們預計 2024 年剩餘時間的資本支出約為 1.43 億美元。正如附錄幻燈片 30 中所詳述的，我們計劃在電力領域投資約 6,500 萬美元，用於建造、勘探、鑽井和維護。我們還計劃在 2024 年剩餘時間內投資 7,500 萬美元用於建造我們的倉庫。隨著我們繼續執行成長計劃，我們不斷增加案例生成，再加上利用稅收優惠的預期現金將為我們的資本提供資金。

We continue to maintain excellent liquidity and have ample access to additional capital as needed. On November 6, 2024 our Board of Directors declared approved and authorized payment of quarterly dividends of $0.12 per share paid on December 4, 2024 to shareholders on record as of November 2024.

我們繼續保持良好的流動性，並有充足的機會根據需要獲得額外資本。2024 年 11 月 6 日，我們的董事會宣布批准並授權向截至 2024 年 11 月記錄在案的股東於 2024 年 12 月 4 日支付每股 0.12 美元的季度股息。

That concludes my financial overview.

我的財務概覽到此結束。

I would like now to turn the call over to Doron to discuss some of our recent developments. Thank you.

我現在想把電話轉給多倫，討論我們最近的一些進展。謝謝。

Turning to slide 13 for a look at our segment. Operate Forli in the nine months ended September 30, 2024, we generated 5.7 million megawatt hour a 7.9% generation growth in our leading electricity segment. The increase was positively impacted by our strategically acquired and nail assets and the continued improvement in performance from our Puna complex.

到投影片 13 來看看我們的部分。截至 2024 年 9 月 30 日的九個月內，我們營運 Forli，發電量達 570 萬兆瓦時，在我們領先的電力領域發電量增加了 7.9%。這一成長受到我們策略性收購的釘子資產以及普納綜合體績效持續改善的正面影響。

Turning to slide 14 for an update on our operating footprint. As our Puna complex, we have observed continuous improvements in the reservoir performance which has increased capacity and in turn driven generation goals.

請參閱投影片 14，以了解我們營運足跡的最新情況。作為我們的普納綜合體，我們觀察到水庫性能不斷改善，容量增加，進而推動了發電目標。

We also benefited from higher prices this quarter at our power plant in Kenya, we successfully reached 147 megawatts of capacity following our successful drilling campaign and while we continue to experience containment from our offtaker, this trend was reduced throughout the third quarter. As a result, our revenues from Olkaria increased during the third quarter by approximately 4.5% versus five year. As I noted earlier, our Dixie Valley facility also experienced low electricity generation this quarter due to an unplanned outage that occurred during the second quarter of this year. As a result, our revenues and EBITDA were negatively impacted by roughly $4.2 million and $4.1 million during the third quarter respectively.

我們也受惠於本季肯亞發電廠的價格上漲，在成功鑽探活動後，我們成功達到了147 兆瓦的裝置容量，雖然我們繼續受到承購商的遏制，但這一趨勢在整個第三季度有所減少。因此，第三季我們來自 Olkaria 的營收比五年前成長了約 4.5%。正如我之前指出的，由於今年第二季發生意外停電，我們的迪克西谷工廠本季發電量也較低。因此，我們第三季的營收和 EBITDA 分別受到約 420 萬美元和 410 萬美元的負面影響。

We are currently in the final stages of completing the shutdown of the facility and expect generation to increase moving forward. As a result, on a positive note, our assets have continued to strengthen our third quarter earnings results with the asset generating revenue and IDA of $7.5 million and $4.6 million respected. We continue to make great progress in enhancing the three acqui of thermal assets which once complete will translate into expanded returns through improved performance. Finally, our go-to facility in Utah was partly released for initial construction.

我們目前正處於關閉該設施的最後階段，預計未來發電量將會增加。因此，從積極的方面來看，我們的資產繼續增強了我們第三季的獲利業績，資產產生的收入和 IDA 分別為 750 萬美元和 460 萬美元。我們在加強三項熱資產收購方面繼續取得重大進展，一旦完成，將透過改善績效轉化為擴大回報。最後，我們在猶他州的首選工廠已部分釋放以進行初步建設。

We anticipate that the 25 megawatt to 35 megawatt power plant will be completed by the end of 2027 larger and earlier than previously expected compared to our position model.

我們預計 25 兆瓦至 35 兆瓦發電廠將於 2027 年底完工，與我們的定位模式相比，規模更大、更早。

Turning to Slide 15, our product segment backlog stands at $165 million which is similar to the second quarter of 2024.And as you can see on the slide, we added to the backlog total of approximately $33 million of new contracts during the quarter.

轉向投影片15，我們的產品部門積壓訂單為1.65 億美元，與2024 年第二季相似。合約.

Moving to slide 16. Despite the lower year, over year revenue performance we experienced in our storage segment due to lower more normalized airport prices. We continue to make great progress in transitioning our storage business into a more predictable portfolio with consistently stronger underlying profitability. This is highlighted by the RA agreement we reached with the city of Riverside for our share 80 megawatts, 320 megawatt hour facility, as well as our first two tolling agreements in Texas for our lower Rio and Bell to facilities each at 60 megawatts, 120 megawatt hour. Additionally, we continue to capture the benefits from some of our facilities that recently came online over the past few quarters such as our East Flemington facility that became operational earlier this year.

轉到投影片 16。儘管去年較低，但由於機場價格更加標準化，我們在儲存領域的收入表現較去年下降。我們在將儲存業務轉變為更具可預測性的投資組合方面繼續取得巨大進展，並始終保持更強的潛在獲利能力。我們與河濱市達成的共享80 兆瓦、320 兆瓦時設施的RA 協議，以及我們在德克薩斯州為下里約熱內盧和貝爾的設施分別提供60 兆瓦、120 兆瓦設施的前兩份收費協議，凸顯了這一點。此外，我們繼續從過去幾季剛上線的一些設施中獲益，例如今年稍早投入營運的東弗萊明頓設施。

Consistent with that theme, I'm also excited to highlight that. Just a week ago, we announced a commercial operation for 80 megawatts, 320 megawatts hour bottleneck facility which is our largest energy storage facility and which will generate stable contracted revenues from a 15 year tolling agreement with San Diego Gas and Electric. This is an exciting development format as we expect that the bottomless facility will play a key role in improving our energy storage revenue and results going forward.

與該主題一致，我也很高興強調這一點。就在一週前，我們宣布了80 兆瓦、320 兆瓦時瓶頸設施的商業運營，這是我們最大的儲能設施，將透過與聖地牙哥天然氣和電力公司簽訂的15 年收費協議產生穩定的合約收入。這是一種令人興奮的開發模式，因為我們預計無底設施將在提高我們的儲能收入和未來業績方面發揮關鍵作用。

Moving to slide 18, we continue to remain on track to have our portfolio capacity target which is between 2.6 gigawatt to 2.8 gigawatts by year end 2028. As a reminder, we currently expect to see an annual capacity growth rate between 15% to 17% with the majority of that was focused on the strong US market. The US continues to remain the main focus for our growth efforts due to the regulatory support and the increasing demand we are seeing for electricity which we are well positioned to capture through both our electricity and storage segments.

轉向投影片 18，我們繼續保持在 2028 年底前實現投資組合容量目標在 2.6 吉瓦至 2.8 吉瓦之間的目標。提醒一下，我們目前預計年產能成長率將在 15% 至 17% 之間，其中大部分集中在強勁的美國市場。由於監管支持和我們看到的電力需求不斷增加，美國仍然是我們成長努力的主要焦點，我們有能力透過我們的電力和儲存部門捕獲電力需求。

Turning now to slides 19 and 20 which display our geothermal and hybrid solar PV project we currently have underway. We continue to remain on track to complete the agent project in Indonesia by the end of 2024.

現在轉向幻燈片 19 和 20，其中顯示了我們目前正在進行的地熱和混合太陽能光伏專案。我們繼續按計劃在 2024 年底前完成印尼的代理項目。

Moving to slides 21 and 22 to discuss our energy storage segment rules. In total, we currently have six different storage projects under development that we expect to achieve cod by the end of 2026 which we believe will add a total of 355 megawatts or 920 megawatt hour to our storage portfolio. As we have previously noted, we are continuing to remain focused on achieving a balance in our storage portfolio of contracted revenues and merchant market prices.

轉到投影片 21 和 22，討論我們的儲能細分規則。總的來說，我們目前正在開發六個不同的儲存項目，我們預計在 2026 年底實現 cod，我們相信這將為我們的儲存組合增加總計 355 兆瓦或 920 兆瓦時。正如我們之前指出的，我們將繼續致力於實現合約收入和商業市場價格的儲存組合的平衡。

Please turn to slide 23 for discussion of our 2024 guidance in the first nine months of 2024. Ormat has delivered meaningful year over year growth across our revenues and adjusted dividend. Heading into the close of the year, we are narrowing our revenue guidance. We expect full year revenues to range between $875 million and $893 million. Electricity segment revenues are expected to be between $710 million and $715 million. Products revenues are expected to be between $130 million and $138 million and storage revenues between $35 million to $40 million.

請參閱投影片 23，討論我們在 2024 年前 9 個月的 2024 年指導。Ormat 的收入和調整後的股息實現了同比顯著增長。接近年底，我們正在縮小收入指引。我們預計全年收入將在 8.75 億美元至 8.93 億美元之間。電力部門收入預計在 7.1 億至 7.15 億美元之間。產品收入預計在 1.3 億美元到 1.38 億美元之間，儲存收入在 3,500 萬美元到 4,000 萬美元之間。

We are increasing our adjusted EBITDA guidance to reflect our strong third quarter results and now expect full year adjusted EBITDA performance to earn between $540 million and $555 million. And finally, we expect annual adjusted EBITDA attributed to the minority interest to be approximately $20 million.

我們正在提高調整後 EBITDA 指引，以反映我們強勁的第三季業績，現在預計全年調整後 EBITDA 業績將達到 5.4 億至 5.55 億美元之間。最後，我們預計歸屬於少數股東權益的年度調整後 EBITDA 約為 2,000 萬美元。

I will end our prepared remarks on slide 24 to wrap up. We will continue to successfully execute against our strategic objectives over the past three quarters as evidenced by the increasing size of our portfolio and our ability to secure new long term agreement that would drive improved product return to higher pp pricing and tolling agreements.

我將在投影片 24 上結束我們準備好的發言作為總結。我們將在過去三個季度繼續成功執行我們的策略目標，我們的投資組合規模不斷擴大以及我們獲得新的長期協議的能力證明了這一點，這將推動更高的產品回報率和收費協議。

Additionally, the monetization of both PTC and ITC benefits and the strong cash flow from our operations are positioning us well to support our future growth and drive improved for stability across the enterprise. This gives us confidence that we are well-positioned to achieve our long term growth target and deliver meaningful value for our stakeholders to improve financial performance in 2025 and beyond.

此外，PTC 和 ITC 福利的貨幣化以及我們營運帶來的強勁現金流使我們能夠很好地支持我們未來的成長並推動整個企業的穩定性得到改善。這讓我們相信，我們有能力實現長期成長目標，並為利害關係人提供有意義的價值，從而改善 2025 年及以後的財務表現。

Now I would like to open the call for questions. Operator, please.

現在我想開始提問。接線員，請說。

(Operator Instructions)

（操作員說明）

Noah Kaye, Oppenheimer.

諾亞凱，奧本海默。

I was hoping to start with geothermal development. Maybe you can start by commenting on the results of the the BLM land auction. Looks like you won a fair amount there. And it also looks like there's a proposed categorical exclusion to NPA for geothermal permitting. That's something that you'd highlighted at Investor Day as you know, a potential benefit. So just talk to us a little bit about the implications for development. And at the heart of this is really whether you think you can start to speed up some of the new geothermal projects to help capitalize on this really strong demand for baseload zero emissions power.

我希望從地熱開發開始。也許您可以先評論 BLM 土地拍賣的結果。看起來你在那裡贏了很多錢。而且看起來還提議將 NPA 排除在地熱許可之外。如您所知，這是您在投資者日強調的潛在好處。因此，請與我們談談對發展的影響。其核心實際上是您是否認為可以開始加快一些新的地熱項目，以幫助利用對基荷零排放電力的真正強勁需求。

And regarding the BLM auction, we actually acquired all the lands that we nominated for the auction. Basically, the way it works is that the companies asked the BLM to nominate lands and then they are open for auction. So we were able to secure all the lands that we nominated as well as additional few sites. So we do have some additional sites but also sites that we have land position. And after initial review by our exploration, the resource team, we've acquired some additional land to secure the full site to be able to develop a project. And this definitely will come into our growth portfolio.

至於 BLM 拍賣，我們實際上獲得了我們提名拍賣的所有土地。基本上，它的運作方式是，公司要求土地管理局提名土地，然後公開拍賣。因此，我們能夠獲得我們提名的所有土地以及其他一些地點。因此，我們確實有一些額外的地點，但也有我們擁有土地位置的地點。經過我們的勘探資源團隊的初步審查，我們已經獲得了一些額外的土地，以確保整個場地能夠開發項目。這肯定會進入我們的成長投資組合。

And the category that you mentioned is a a big step. We've been working on it for quite a while. It will shorten the development exploration phase and it will enable us to expedite our cohort program and allow us to get permitting for the exploration phase faster. And we have done over the last year, about seven core whole campaigns in the US. All of them actually were successful and we are moving to the next part of the exploration for doing food as well next year. And internal to that, we're going to do some another cohort campaign the entire year for an additional between four to six sites. And the fact that the process has improved and shortened, we believe we'll be able to meet our target definitely and hopefully exceed them.

你提到的類別是一個很大的進步。我們已經為此努力了一段時間。它將縮短開發勘探階段，使我們能夠加快我們的隊列計劃，並使我們能夠更快地獲得勘探階段的許可。去年我們在美國完成了大約七項核心的整體活動。實際上，所有這些都取得了成功，明年我們也將進入食品探索的下一部分。在此內部，我們將在全年中為另外四到六個站點再開展一些群組活動。事實上，這個過程已經改進和縮短，我們相信我們一定能夠實現我們的目標，並有望超越它們。

Maybe you can comment on what you think -- I know it's probably early in the process of setting CapEx budgets for next year. But what does all this mean for how much you might be able to spend in terms of the CapEx for electricity next year. I would think that you'd be lapping some of the development enhancements that you that you made progress on this year. So presumably a bit more dry powder to go after kind of core growth.

也許你可以評論一下你的想法——我知道這可能還處於制定明年資本支出預算的早期階段。但這對於您明年可以在電力資本支出方面花費多少意味著什麼呢？我認為您會欣喜您今年取得的一些開發增強功能。因此，大概需要更多的乾粉來追求核心生長。

Yes, definitely. I expect next year CapEx to be higher than '24 CapEx. And I think the biggest difference over there will be on the exploration path because as I said earlier, we are moving from a cohort program to a full size drilling. So if a coal will cost depends how deep you go between 500,000, maybe to 1.5 million a full size, well it's in the range of $4 million to $6 million and we plan to do a few full size well, next year on the core or that we've done in '24 and 2023.

是的，絕對是。我預計明年的資本支出將高於 24 年的資本支出。我認為最大的區別在於勘探道路，因為正如我之前所說，我們正在從隊列計劃轉向全尺寸鑽探。因此，如果煤炭的成本取決於你開採的深度，在 50 萬到 150 萬個全尺寸之間，那麼它在 400 萬美元到 600 萬美元之間，我們計劃明年在核心或我們在24 年和2023 年所做的事情。

Justin Clare, Roth Capital Partners.

賈斯汀·克萊爾，羅斯資本合夥人。

This has enabled Zoom's AI companion technology. So I wanted to start off here with the new administration in the US, it does look possible that, that we could get a change in the IRA legislation. So just wondering how you're thinking about mitigating any potential risk of a policy change? Have you looked at safe harboring geothermal or storage projects to ensure you can qualify for the PTC and ITC? So just wondering how you're positioned there.

這使得 Zoom 的 AI 配套技術得以實現。所以我想從美國新政府開始，看起來我們確實有可能改變愛爾蘭共和軍立法。那麼只是想知道您如何考慮減輕政策變化的潛在風險？您是否考慮過安全庇護地熱或儲存項目以確保您有資格獲得 PTC 和 ITC？所以只是想知道你在那裡的位置如何。

And Justin, so I would say on the Geothermal, the PTC part, this is something that has been going on for more than a decade and the low end. And then the question whether or not they will extend it and then they extend it. And so the concept of safe harbor on the the geothermal path is something that we've been operating all along and we are getting prepared that if anything will change for the PTC. For geothermal, we will have the safe harbor for all projects that we will develop afterwards. I would say that in the previous Trump administration, they extended the PTC for geothermal and so geothermal, I think is not in the same category as the other, but still we are definitely looking at safe harbors and the same.

賈斯汀，所以我想說，關於地熱、PTC 部分，這已經持續了十多年，而且是低端的。然後是他們是否會延長它的問題，然後他們就延長了它。因此，地熱路徑上的安全港概念是我們一直在實施的，我們正在做好準備，以防 PTC 發生任何變化。對於地熱，我們將為以後開發的所有項目提供安全港。我想說的是，在上屆川普政府中，他們將 PTC 擴展到了地熱，所以地熱，我認為與其他的不屬於同一類別，但我們仍然肯定會尋求安全港和相同的。

We are going to apply to the energy storage and the project that we are in construction already, we have secured batteries. We need to see how we bring them into the US if anybody will change anything. But there are still a few months until the change takes place. And so we are looking also on a on the energy storage. But on the geothermal, this is how we've been working for the last I think more than a decade and we do hope that the PTC for geothermal as done in his last administration, they will continue.

我們將應用到能源儲存和我們已經在建設的項目中，我們已經獲得了電池。如果有人願意改變什麼，我們需要看看如何將他們帶入美國。但距離改變發生還有幾個月的時間。因此，我們也在關注能源儲存。但在地熱方面，我認為這就是我們十多年來一直在努力的方式，我們確實希望地熱PTC將像他上屆政府所做的那樣繼續下去。

And then I was wondering if you could also comment on maybe just provide an update on what you're seeing in terms of the trend in PPAs for geothermal projects. Are we seeing pricing continuing to trend upward? And then you do have some capacity that where the PPAs are expiring in 2026, 2027. Any sense for when you might -- you know extend those contracts and how new PPAs might compare to what you're currently operating under?

然後我想知道您是否也可以發表評論，也許只是提供您所看到的地熱項目購電協議趨勢的最新情況。我們是否看到價格持續呈上升趨勢？然後，您確實擁有一些購電協議將於 2026 年、2027 年到期的產能。您知道什麼時候可以延長這些合同，以及新的購電協議與您目前的營運情況相比如何？

So the trend continues and we see pricing today north of 100 and we have a -- we are negotiating with multiple players on contracting new power plants as well as recontracting the future ones. The PPA for hiber that expired in '26. We have signed a PPA recontracting it at similar prices that what I said we are waiting for the offtaker to finish his approval process and we expect that to happen end of this year, maybe beginning of next year. And we are also in the final negotiations on the extension of the mammos recontracting for '27. That I expect will be in similar pricing as I mentioned before. So we see this increase in demand and I would say that for almost every project we have a few offtakers that would like to consult it.

因此，這種趨勢仍在繼續，我們今天看到定價超過 100，我們正在與多個參與者就承包新發電廠以及重新承包未來發電廠進行談判。hiber 的 PPA 於 26 年到期。我們已經簽署了一份購電協議，以類似的價格重新承包，我們正在等待承購商完成審批程序，我們預計這將在今年年底或明年初發生。我們也正在就 27 年 mammos 續約事宜進行最後的談判。我預計價格將與我之前提到的類似。因此，我們看到需求的成長，我想說，幾乎每個專案都有一些承購商願意諮詢。

(Operator Instructions)

（操作員說明）

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Is there any color that you can give on the pricing of the new tolling agreements in Texas? Just any color about kind of the margin of creation relative to 2024 levels as that comes online.

您對德州新的通行費協議的定價有何看法？關於相對於 2024 年水準的創造邊際的任何顏色。

So we won't give specific numbers, but I will say that the numbers for the two hours batteries in Texas is basically half of the value that we get for today's environment for four hours in California and California market is around $16,000 to $17,000 batteries per month. So the numbers in Texas are around half. It's slightly shorter. It's a seven year transaction. And when we think for the margin expansion, we do believe that our gross margin over the next few years will go towards around 20% to 30%. That is flat in the last few months. We should expect a recovery margin already already in 2025. When we expect a bottleneck that just came online a few days ago to operate a full year. So that will be the first step. And then we have in the second half of 2025 one of the Texas projects. And then in 2026, we have the next Texas project. So eventually we will get closer to 30%. But on the way, we're probably going to visit anywhere from 10% to 20%.

因此，我們不會給出具體數字，但我會說，德克薩斯州兩小時電池的數字基本上是我們在加州當今環境下使用四小時的電池價值的一半，而加州市場的價格約為每顆電池16,000 至17,000 美元月。所以德州的數字大約是一半。稍微短一點。這是一筆為期七年的交易。當我們考慮利潤率擴張時，我們確實相信未來幾年我們的毛利率將達到 20% 至 30% 左右。過去幾個月持平。我們預計 2025 年就已經出現復甦幅度。當我們預計幾天前剛上線的瓶頸將運行一整年。這將是第一步。然後我們將在 2025 年下半年啟動德克薩斯州計畫之一。然後在 2026 年，我們有下一個德克薩斯州項目。所以最終我們會接近 30%。但在途中，我們可能會造訪 10% 到 20% 的任何地方。

And then kind of relatedly, can you talk about kind of merchant pricing? Where your merchant contracts are operating, what you're seeing with pricing there? Is there a reason to be more optimistic kind of on the latest trends compared to what it was earlier this year?

然後，您能談談商家的定價嗎？您的商業合約在哪裡運作，您對那裡的定價有何看法？與今年稍早相比，是否有理由對最新趨勢更加樂觀？

I will say that this year we in general, the US did not have any weather events that impact our profitability. And as you saw in Q3 last year, it was enough that we had some, I would say not good weather in Texas with much less assets versus today in Texas. We did additional $2 million in revenue. So I will say that we do expect from time to time those to happen and they can add a few million dollars to our top line. So this is where we are. And then on TGM, I will say in general, throughout the year, we experienced quite good margin. So we did able to put the grows margin positive this quarter in storage even though there was no weather events.

我想說的是，今年美國整體上沒有任何天氣事件影響我們的獲利能力。正如您在去年第三季所看到的那樣，我們有一些，我想說，德克薩斯州的天氣不好，資產比今天的德克薩斯州少得多，這已經足夠了。我們增加了 200 萬美元的收入。所以我想說，我們確實希望這些事情時不時​​地發生，它們可以為我們的收入增加幾百萬美元。這就是我們現在的處境。然後在 TGM 上，我想說，總的來說，全年我們的利潤率都相當不錯。因此，即使沒有天氣事件，我們也確實能夠將本季的成長利潤保持在正值。

But I think the key and you asked that in the first question, everything that is under construction right now besides the Louisa and Montague, which are not the largest project that we have. All of them already have PP. So when you think about trajectory for the next few years, but neck is 320 megawatts, it's fully contracted lower here and each one is 120 megawatt hours, fully contracted. Montague is in the east coast and those prices in the east coast have been trending quite favorable somewhere around $25 to $30 per megawatt hour throughout throughout the year, we have a lift coming in the end of 2025 also with the full PPA. So I will say that there is a shift in model in business model and as a result will be much less impactful for us.

但我認為關鍵是，你在第一個問題中問到，除了路易莎和蒙塔古之外，目前正在建造的所有項目都不是我們最大的項目。他們都已經有PP了。因此，當您考慮未來幾年的軌跡時，頸部為 320 兆瓦，此處完全收縮，每個區域為 120 兆瓦時，完全收縮。蒙塔古位於東海岸，全年東海岸的價格一直非常有利，約為每兆瓦時 25 至 30 美元，我們將於 2025 年底推出全面購電協議的電梯。所以我想說，商業模式發生了轉變，因此對我們的影響會小得多。

I do expect as I said earlier from time to time to have some weather events. That's part of the model in Texas. The reason why we're able to secure good contracts. There is because some people believe that there will be more volatility. We decided to keep some of the volatility and to reduce some of the exposure of the volatility. But we still like the merchant environment in Texas. But as I said, as the geothermal company, we like to balance between the exposures.

正如我之前所說，我確實預計會不時發生一些天氣事件。這是德克薩斯州模式的一部分。我們能夠獲得良好合約的原因。這是因為有些人認為將會出現更多波動。我們決定保留一些波動性並減少一些波動性的風險敞口。但我們仍然喜歡德州的商業環境。但正如我所說，作為地熱公司，我們喜歡在風險之間取得平衡。

We have no further questions in our queue. At this time, I will now turn the call back over to management for closing remarks.

我們的隊列中沒有其他問題了。此時，我將把電話轉回給管理階層進行總結發言。

So thank you everyone and say that as you've seen, Ormat continues to grow and develop its profitable operations in the US and globally. And I would like to highlight one other item that we did talk about in the script. And that is the fact that if you remember that the Assaf has and told the company formally that it has decided to close its investigation on a act with no with no actions following to this letter that we received from the SEC. The Board of Directors has decided to the special committee, independent special committee that investigated these issues. So this is a very, very positive act and it demonstrates the company's commitment to comply with all laws wherever we are operating. So thank you everyone for your support and looking to see you in the future. Thank you.

謝謝大家，正如你們所看到的，Ormat 繼續在美國和全球發展其盈利業務。我想強調一下我們在劇本中討論過的另一項內容。事實上，如果您還記得阿薩夫已正式告知該公司，它已決定結束對一項行為的調查，並且我們從美國證券交易委員會收到這封信後，沒有採取任何行動。董事會已決定成立特別委員會，即獨立特別委員會來調查這些問題。所以這是一個非常非常積極的行為，它表明了公司致力於遵守我們經營所在地的所有法律。感謝大家的支持，並期待將來見到你們。謝謝。

That concludes today's conference call. Thank you for your participation and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。