Ormat Technologies (ORA)
Q4 2010 Earnings Call
February 23, 2011 10:00 am ET
Joseph Tenne - Chief Financial Officer, Principal Accounting Officer and Chief Financial Officer of Ormat Industries Ltd
Yehudit Bronicki - Chief Executive Officer, Director, Chairman of Compensation Committee, Chief Executive Officer of Ormat Industries, President of Ormat Systems, General Manager of Ormat Industries and Director of Ormat Industries
Yoram Bronicki - President, Chief Operating Officer, Director and Director of Ormat Industries
Marybeth Csaby - Managing Director and Director of Investor Relations
Michael Lapides - Goldman Sachs Group Inc.
Dilip Warrier - Stifel, Nicolaus & Co., Inc.
JinMing Liu - Ardour Capital Investments, LLC
Paul Clegg - Mizuho Securities USA, Inc.
Daniel Mannes - Avondale Partners, LLC
Gregg Orrill - Barclays Capital
Benjamin Kallo - Stanford Group
Good morning. My name is Wes, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ormat Technologies Fourth Quarter and Year End Earnings Conference Call. [Operator Instructions] I'll now turn the conference over to Marybeth Csaby. Please go ahead, ma'am.
Thank you, Wes. Hosting the call today are Dita Bornicki, Chief Executive Officer; Yoram Bornicki, President and Chief Operating Officer; Joseph Tenne, Chief Financial Officer; and Smadar Lavi, Vice President of Corporate Finance and Investor Relations. Before beginning, we would like to remind you that information provided during this call may contain forward-looking statements related 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 related to the company's plans, objectives and expectations for future operations and are based on 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, please see risk factors as described in the annual report on Form 10-K filed with the Securities and Exchange Commission on March 8, 2010. In addition, during this call, statements may include financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission, such as EBITDA and adjusted EBITDA. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management of Ormat Technologies believes that adjusted EBITDA may provide meaningful supplemental information regarding liquidity measurement that both management and investors benefit from referring to this GAAP financial measure in assessing Ormat Technologies' liquidity, and when planning and forecasting future periods. This non-GAAP financial measure may also facilitate management's internal comparison to the company's historical liquidity. Before I turn the call over to management, I would like to remind everyone that a slide presentation accompanies this call, and can be accessed on Ormat's website at www.ormat.com under the IR and Presentations link, as found on the Investor Relations tab. With that said, I would like to turn the call over to Dita. Dita, the floor is yours.