Cash flow First Solar, Inc.

Equities

FSLR

US3364331070

Renewable Energy Equipment & Services

Market Closed - Nasdaq Other stock markets 04:00:00 2025-01-17 pm EST			5-day change	1st Jan Change
192.88 ^USD	+1.04%		+5.05%	+9.44%

Jan. 16	First Solar Shares Rise After Seaport Global Upgrade	MT
Jan. 16	Banks, bulls and tame inflation

6d0b390760a1bfd7.z2t6-Mlc86Phk73wqfsAlq9FtqnGgw3dcr6zN5A4HXo.phoInbgmlPOQ0cy1yLx4oP0E6ZGJ9UieAY_EYuJ3KjXiWTuqpxTH_I_w-A

Published financial data: FIRST SOLAR, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	3.06B	2.71B	2.92B	2.62B	3.32B
Total Revenues	3.06B	2.71B	2.92B	2.62B	3.32B
Cost of Goods Sold, Total	2.51B	2B	2.18B	2.49B	2.02B
Gross Profit	549M	713M	740M	128M	1.3B
Selling General & Admin Expenses, Total	205M	223M	170M	165M	198M
Stock-Based Compensation (IS)	230K	-	-	35K	71K
Pre-Opening Costs	45.68M	40.53M	21.05M	73.04M	64.71M
R&D Expenses	96.61M	93.74M	99.12M	113M	152M
Other Operating Expenses, Total	348M	357M	290M	351M	415M
Operating Income	201M	356M	450M	-223M	886M
Interest Expense, Total	-27.07M	-24.04M	-13.11M	-12.22M	-12.96M
Interest And Investment Income	48.89M	16.56M	6.18M	33.28M	97.67M
Net Interest Expenses	21.82M	-7.48M	-6.93M	21.06M	84.7M
Income (Loss) On Equity Invest.	-284K	-2.13M	-	-	-
Currency Exchange Gains (Loss)	2.29M	-2.33M	-9.18M	-15.46M	-23.3M
Other Non Operating Income (Expenses)	-23.08M	-29.84M	-10.18M	30.23M	-27.37M
EBT, Excl. Unusual Items	202M	314M	423M	-187M	920M
Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	40.62M	15.35M	11.7M	-	-9K
Gain (Loss) On Sale Of Assets	-	-	147M	254M	6.88M
Asset Writedown	-	-17.4M	-10.2M	-57.8M	-
Legal Settlements	-363M	-6M	-	-	-35.59M
Other Unusual Items	-	-15.1M	-	-	-
EBT, Incl. Unusual Items	-120M	291M	572M	8.6M	891M
Income Tax Expense	-5.48M	-107M	103M	52.76M	60.51M
Earnings From Continuing Operations	-115M	398M	469M	-44.17M	831M
Net Income to Company	-115M	398M	469M	-44.17M	831M
Net Income - (IS)	-115M	398M	469M	-44.17M	831M
Net Income to Common Incl Extra Items	-115M	398M	469M	-44.17M	831M
Net Income to Common Excl. Extra Items	-115M	398M	469M	-44.17M	831M
Per Share Items
Net EPS - Basic	-1.09	3.76	4.41	-0.41	7.78
Basic EPS - Continuing Operations	-1.09	3.76	4.41	-0.41	7.78
Basic Weighted Average Shares Outstanding	105M	106M	106M	107M	107M
Net EPS - Diluted	-1.09	3.73	4.38	-0.41	7.74
Diluted EPS - Continuing Operations	-1.09	3.73	4.38	-0.41	7.74
Diluted Weighted Average Shares Outstanding	105M	107M	107M	107M	107M
Normalized Basic EPS	1.2	1.86	2.49	-1.1	5.38
Normalized Diluted EPS	1.2	1.84	2.47	-1.1	5.36
Supplemental Items
EBITDA	407M	589M	710M	46.78M	1.19B
EBITA	216M	372M	466M	-207M	902M
EBIT	201M	356M	450M	-223M	886M
EBITDAR	440M	613M	730M	64.27M	1.21B
Effective Tax Rate - (Ratio)	4.55	-36.86	18.08	613.68	6.79
Current Domestic Taxes	13.85M	-145M	13M	8.83M	52.98M
Current Foreign Taxes	41.08M	26.3M	10.11M	49.98M	20.77M
Total Current Taxes	54.93M	-119M	23.11M	58.82M	73.74M
Deferred Domestic Taxes	-62.38M	20.27M	62.28M	-14.63M	-24.8M
Deferred Foreign Taxes	1.97M	-8.73M	18.08M	8.58M	11.57M
Total Deferred Taxes	-60.41M	11.54M	80.36M	-6.05M	-13.23M
Normalized Net Income	126M	196M	265M	-117M	575M
Interest Capitalized	2.59M	1.8M	-	-	-
Interest on Long-Term Debt	-	-	-	-	51K
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Research And Development Expense From Footnotes	96.61M	93.74M	99.12M	113M	152M
Net Rental Expense, Total	32.86M	23.98M	20.54M	17.49M	15.98M
Imputed Operating Lease Interest Expense	14.45M	9.13M	4.89M	5.41M	3.86M
Imputed Operating Lease Depreciation	18.41M	14.85M	15.65M	12.08M	12.12M
Stock-Based Comp., COGS (Total)	7.54M	3.18M	892K	3.17M	4.8M
Stock-Based Comp., R&D Exp. (Total)	5.92M	3.99M	432K	3.08M	4.13M
Stock-Based Comp., SG&A Exp. (Total)	23.74M	22.09M	19.58M	22.37M	25.22M
Stock-Based Comp., Other (Total)	230K	-	-	35K	71K
Total Stock-Based Compensation	37.43M	29.27M	20.9M	28.66M	34.22M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.35B	1.23B	1.45B	1.48B	1.95B
Short Term Investments	812M	520M	375M	1.1B	155M
Total Cash And Short Term Investments	2.16B	1.75B	1.83B	2.58B	2.1B
Accounts Receivable, Total	659M	292M	455M	355M	661M
Other Receivables	29.91M	1.83M	-	-	725M
Notes Receivable	23.87M	-	-	-	-
Total Receivables	712M	294M	455M	355M	1.39B
Inventory	497M	568M	778M	736M	968M
Prepaid Expenses	138M	161M	28.23M	43.26M	62.48M
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	13.7M	1.74M	1.53M	3.18M	8.26M
Other Current Assets, Total	74.57M	243M	102M	76.21M	108M
Total Current Assets	3.6B	3.01B	3.19B	3.79B	4.63B
Gross Property Plant And Equipment	4.24B	4.02B	4.37B	5.1B	6.19B
Accumulated Depreciation	-1.44B	-1.15B	-1.3B	-1.47B	-1.69B
Net Property Plant And Equipment	2.8B	2.87B	3.07B	3.64B	4.5B
Long-term Investments	2.81M	-	-	-	-
Goodwill	14.46M	14.46M	14.46M	14.46M	29.69M
Other Intangibles, Total	64.54M	56.14M	45.51M	31.11M	64.51M
Accounts Receivable Long-Term	-	22.72M	42.13M	13M	-
Loans Receivable Long-Term	8.19M	350K	-	-	-
Deferred Tax Assets Long-Term	131M	104M	59.16M	78.68M	143M
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	891M	1.02B	987M	686M	995M
Total Assets	7.52B	7.11B	7.41B	8.25B	10.37B
Liabilities
Accounts Payable, Total	218M	183M	193M	341M	207M
Accrued Expenses, Total	196M	170M	192M	220M	309M
Short-term Borrowings	-	-	-	-	60.83M
Current Portion of Long-Term Debt	17.92M	41.54M	3.9M	-	35.41M
Current Portion of Leases	11.1M	14.01M	12.78M	9.19M	10.36M
Current Income Taxes Payable	17.01M	14.57M	4.54M	29.4M	22.13M
Unearned Revenue Current, Total	323M	189M	202M	263M	414M
Other Current Liabilities	535M	235M	118M	175M	248M
Total Current Liabilities	1.32B	847M	727M	1.04B	1.31B
Long-Term Debt	461M	238M	236M	184M	464M
Long-Term Leases	113M	189M	146M	40.59M	53.72M
Unearned Revenue Non Current	71.44M	44.92M	95.94M	945M	1.59B
Deferred Tax Liability Non Current	-	23.67M	27.7M	28.93M	42.77M
Other Non Current Liabilities	455M	245M	222M	179M	219M
Total Liabilities	2.42B	1.59B	1.45B	2.42B	3.68B
Common Stock, Total	105K	106K	106K	107K	107K
Additional Paid In Capital	2.85B	2.87B	2.87B	2.89B	2.89B
Retained Earnings	2.33B	2.72B	3.18B	3.14B	3.97B
Comprehensive Income and Other	-79.33M	-61.73M	-96.36M	-192M	-174M
Total Common Equity	5.1B	5.52B	5.96B	5.84B	6.69B
Total Equity	5.1B	5.52B	5.96B	5.84B	6.69B
Total Liabilities And Equity	7.52B	7.11B	7.41B	8.25B	10.37B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	105M	106M	106M	107M	107M
ECS Total Common Shares Outstanding	105M	106M	106M	107M	107M
Book Value / Share	48.33	52.09	56.05	54.74	62.59
Tangible Book Value	5.02B	5.45B	5.9B	5.79B	6.59B
Tangible Book Value Per Share	47.58	51.43	55.48	54.32	61.71
Total Debt	603M	482M	399M	234M	624M
Net Debt	-1.56B	-1.26B	-1.43B	-2.34B	-1.48B
Debt Equivalent Oper. Leases	263M	192M	164M	140M	128M
Equity Method Investments, Total	2.81M	-	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	53.58M	30K	-	-	-
Inventories - Work In Process, Total	-	-	-	-	-
Inventories - Finished Goods, Total	-	-	-	-	-
Inventories - Others	444M	568M	778M	736M	968M
Land - (BS)	14.24M	14.5M	18.36M	35.26M	35.36M
Buildings, Total	664M	694M	693M	893M	1.04B
Machinery, Total	3.13B	2.63B	2.95B	2.92B	3.75B
Full Time Employees	6.6K	5.1K	4.8K	5.5K	6.7K
Accumulated Allowance for Doubtful Accounts (Supple)	1.39M	3.01M	664K	1.04M	1.61M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	-115M	398M	469M	-44.17M	831M
Depreciation & Amortization - CF	190M	217M	244M	253M	292M
Amortization of Goodwill and Intangible Assets - (CF)	15.1M	16M	16.3M	16.4M	16M
Depreciation & Amortization, Total	205M	233M	260M	270M	308M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-	-	-147M	-254M	-6.88M
(Gain) Loss on Sale of Investments - (CF)	-40.62M	-15.35M	-11.7M	-	9K
Asset Writedown & Restructuring Costs	7.58M	35.81M	22.88M	63.34M	1.57M
(Income) Loss On Equity Investments - (CF)	284K	2.13M	-	-	-
Stock-Based Compensation (CF)	37.43M	29.27M	20.9M	28.66M	34.22M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	-146M	-83.56M	-39.13M	-189M	-38.76M
Change In Accounts Receivable	-73.59M	345M	-96.95M	119M	-304M
Change In Inventories	-83.53M	-145M	-136M	16.69M	-205M
Change In Accounts Payable	-336K	-43.28M	34.92M	5.57M	79.33M
Change in Unearned Revenues	-	-	-	913M	783M
Change In Income Taxes	8.04M	-177M	-13.06M	43.59M	8.66M
Change in Other Net Operating Assets	375M	-541M	-125M	-98.89M	-889M
Cash from Operations	174M	37.12M	238M	873M	602M
Capital Expenditure	-669M	-417M	-540M	-904M	-1.39B
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-	-	-	-	-35.74M
Divestitures	-	-	300M	442M	7.68M
Investment in Marketable and Equity Securities, Total	309M	291M	147M	-728M	951M
Other Investing Activities, Total	-2.88M	-5.5M	-6.71M	-3.05M	-9.05M
Cash from Investing	-362M	-131M	-99.04M	-1.19B	-473M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	120M	157M	129M	397M	368M
Total Debt Issued	120M	157M	129M	397M	368M
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-30.1M	-225M	-72.68M	-75.9M	-
Total Debt Repaid	-30.1M	-225M	-72.68M	-75.9M	-
Repurchase of Common Stock	-16.09M	-13.12M	-15.99M	-12.09M	-31.13M
Other Financing Activities, Total	999K	-804K	-	-	-
Cash from Financing	74.94M	-82.59M	40.55M	309M	337M
Foreign Exchange Rate Adjustments	-2.96M	3.78M	3.17M	47.44M	5.28M
Net Change in Cash	-116M	-173M	182M	37.62M	472M
Supplemental Items
Cash Interest Paid	18.8M	14.9M	12.7M	11.6M	15M
Cash Income Tax Paid (Refund)	34.7M	22.2M	38.2M	-	90.9M
Levered Free Cash Flow	9.2M	-276M	-166M	-282M	-1.65B
Unlevered Free Cash Flow	26.12M	-261M	-158M	-274M	-1.64B
Change In Net Working Capital	-326M	329M	179M	-470M	1.15B
Net Debt Issued / Repaid	90.03M	-68.66M	56.54M	321M	368M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.72	3.04	3.87	-1.78	5.95
Return on Total Capital	2.21	3.8	4.55	-2.24	8.28
Return On Equity %	-2.23	7.5	8.16	-0.75	13.27
Return on Common Equity	-2.23	7.5	8.16	-0.75	13.27
Margin Analysis
Gross Profit Margin %	17.93	26.3	25.32	4.87	39.19
SG&A Margin	6.71	8.22	5.83	6.29	5.95
EBITDA Margin %	13.28	21.72	24.27	1.79	35.98
EBITA Margin %	7.06	13.72	15.94	-7.89	27.18
EBIT Margin %	6.57	13.13	15.38	-8.51	26.7
Income From Continuing Operations Margin %	-3.75	14.69	16.03	-1.69	25.03
Net Income Margin %	-3.75	14.69	16.03	-1.69	25.03
Net Avail. For Common Margin %	-3.75	14.69	16.03	-1.69	25.03
Normalized Net Income Margin	4.12	7.24	9.05	-4.46	17.33
Levered Free Cash Flow Margin	0.3	-10.19	-5.68	-10.76	-49.63
Unlevered Free Cash Flow Margin	0.85	-9.63	-5.4	-10.47	-49.39
Asset Turnover
Asset Turnover	0.42	0.37	0.4	0.33	0.36
Fixed Assets Turnover	1.26	0.96	0.98	0.78	0.82
Receivables Turnover (Average Receivables)	4.92	5.7	7.83	6.47	6.74
Inventory Turnover (Average Inventory)	5.34	3.75	3.02	3.29	2.37
Short Term Liquidity
Current Ratio	2.73	3.56	4.39	3.65	3.55
Quick Ratio	2.16	2.41	3.14	2.83	2.67
Operating Cash Flow to Current Liabilities	0.13	0.04	0.33	0.84	0.46
Days Sales Outstanding (Average Receivables)	74.17	64.19	46.64	56.42	54.17
Days Outstanding Inventory (Average Inventory)	68.38	97.51	120.77	110.9	154.1
Average Days Payable Outstanding	32.1	35.51	29.96	39.85	44.49
Cash Conversion Cycle (Average Days)	110.45	126.18	137.46