First Solar Inc. (NASDAQ:FSLR)

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First Solar Inc., adjusted total assets

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total assets	10,365,132)	8,251,228)	7,413,746)	7,108,931)	7,515,689)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Allowance for credit losses	1,614)	1,042)	664)	3,009)	1,386)
Less: Deferred tax assets, net²	142,819)	78,680)	59,162)	104,099)	130,771)
After Adjustment
Adjusted total assets	10,223,927)	8,173,590)	7,355,248)	7,007,841)	7,386,304)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets, net. See details »

An analysis of the asset trajectory from 2019 to 2023 reveals a general upward trend, characterized by a brief contraction in 2020 followed by accelerated growth. Both total assets and adjusted total assets move in high correlation, indicating a consistent relationship between the reported and adjusted figures over the five-year period.

Asset Growth Patterns: A moderate decline in assets is observed between 2019 and 2020, where total assets fell from 7.52 billion to 7.11 billion US dollars. This was followed by a recovery period from 2021 through 2023. The most significant expansion occurred in the final year of the period, with total assets increasing by approximately 25.6% between December 31, 2022, and December 31, 2023, reaching a peak of 10.37 billion US dollars.
Analysis of Asset Adjustments: Adjusted total assets remained consistently lower than total assets throughout the entire period. The absolute difference between the two metrics fluctuated, reaching its lowest point in 2021 at approximately 58.5 million US dollars. By December 31, 2023, the adjustment gap widened to approximately 141.2 million US dollars, suggesting that the adjustments scale in relation to the overall growth of the balance sheet.
Comparative Stability: The percentage difference between total assets and adjusted total assets remained relatively narrow and stable. In 2019, the adjustment represented approximately 1.7% of total assets, and by 2023, this figure remained similar at approximately 1.4%, demonstrating a proportional consistency in the adjustment process despite the substantial increase in total asset volume.

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First Solar Inc., adjusted current liabilities

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Current liabilities	1,306,158)	1,038,048)	726,878)	847,398)	1,318,208)
Adjustments
Less: Current deferred revenue	413,579)	263,215)	201,868)	188,813)	323,217)
Less: Current portion of product warranty liability	5,920)	10,660)	13,598)	22,278)	20,291)
After Adjustment
Adjusted current liabilities	886,659)	764,173)	511,412)	636,307)	974,700)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Between 2019 and 2023, current liabilities and adjusted current liabilities followed a synchronized U-shaped trajectory. Both metrics experienced a consistent decline from 2019 through 2021, followed by a period of sustained growth during the 2022 and 2023 fiscal years.

Current Liabilities Trend: Total current liabilities decreased from 1,318,208 thousand USD in 2019 to a minimum of 726,878 thousand USD by December 31, 2021. This downward trend reversed in 2022, with liabilities rising to 1,038,048 thousand USD, and continuing upward to 1,306,158 thousand USD in 2023, returning the balance to levels nearly identical to those seen in 2019.
Adjusted Current Liabilities Trend: The adjusted current liabilities mirrored the primary liability trend, starting at 974,700 thousand USD in 2019 and declining to a low of 511,412 thousand USD in 2021. A subsequent recovery saw values increase to 764,173 thousand USD in 2022 and 886,659 thousand USD in 2023.
Adjustment Variance Analysis: A persistent and significant gap is observed between reported current liabilities and adjusted current liabilities across the entire five-year period. The adjustment consistently reduces the liability figure, with the variance ranging approximately between 25% and 32% of the total current liabilities. The absolute difference peaked in 2023, where the adjustment amount reached 419,499 thousand USD.

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First Solar Inc., adjusted total liabilities

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total liabilities	3,677,663)	2,415,173)	1,454,195)	1,588,003)	2,418,922)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred tax liabilities, net²	42,771)	28,929)	27,699)	23,671)	6,493)
Less: Deferred revenue	2,005,183)	1,207,940)	297,811)	233,732)	394,655)
Less: Product warranty liability	25,491)	33,787)	52,553)	95,096)	129,797)
After Adjustment
Adjusted total liabilities	1,604,218)	1,144,517)	1,076,132)	1,235,504)	1,887,977)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities, net. See details »

An analysis of the liabilities from 2019 to 2023 reveals a U-shaped trajectory for total liabilities, characterized by an initial decline followed by a substantial increase in the final two years of the period. Adjusted total liabilities follow a similar directional pattern but exhibit significantly lower volatility and a more tempered growth rate.

Total Liabilities Trend: A reduction is observed from 2019 to 2021, with values decreasing from 2,418,922 to 1,454,195 thousand US$. This trend reversed sharply starting in 2022, with a significant escalation leading to a peak of 3,677,663 thousand US$ by December 31, 2023.
Adjusted Total Liabilities Trend: A downward trend occurred between 2019 and 2021, reaching a minimum of 1,076,132 thousand US$. While these figures increased in 2022 and 2023, the growth was more moderate than that of the total liabilities, concluding the period at 1,604,218 thousand US$.
Analysis of Adjustments and Variance: The divergence between total and adjusted liabilities expanded markedly beginning in 2022. In 2019, the difference was approximately 531 million US$. By the end of 2023, this variance increased to approximately 2.07 billion US$. This indicates that a growing proportion of the total liabilities is subject to adjustment, with the adjusted figure representing only 43.6% of the total liabilities in 2023, compared to 77.7% in 2019.

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First Solar Inc., adjusted stockholders’ equity

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Stockholders’ equity	6,687,469)	5,836,055)	5,959,551)	5,520,928)	5,096,767)
Adjustments
Less: Net deferred tax assets (liabilities)¹	100,048)	49,751)	31,463)	80,428)	124,278)
Add: Allowance for credit losses	1,614)	1,042)	664)	3,009)	1,386)
Add: Deferred revenue	2,005,183)	1,207,940)	297,811)	233,732)	394,655)
Add: Product warranty liability	25,491)	33,787)	52,553)	95,096)	129,797)
After Adjustment
Adjusted stockholders’ equity	8,619,709)	7,029,073)	6,279,116)	5,772,337)	5,498,327)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Net deferred tax assets (liabilities). See details »

Between 2019 and 2023, both reported and adjusted stockholders' equity exhibited a general upward trajectory, although the patterns of growth and volatility differed between the two metrics.

Stockholders' Equity Trend: Reported stockholders' equity grew from 5,096,767 thousand US$ in 2019 to 6,687,469 thousand US$ in 2023. This growth was consistent through 2021, followed by a slight contraction of approximately 2.1% in 2022. A significant recovery occurred in 2023, with equity increasing by approximately 14.6% over the prior year.
Adjusted Stockholders' Equity Trend: Adjusted stockholders' equity demonstrated a more consistent and accelerating growth pattern, rising from 5,498,327 thousand US$ in 2019 to 8,619,709 thousand US$ in 2023. Unlike the reported equity, the adjusted figure did not experience a decline in 2022, instead showing an 11.9% increase. The growth rate peaked in 2023 with a substantial increase of 22.6%.
Analysis of Equity Variance: The divergence between reported and adjusted stockholders' equity expanded markedly over the five-year period. The adjustment gap remained relatively stable between 2019 and 2021; however, it widened significantly in 2022 and 2023. By the end of 2023, the difference between the adjusted and reported figures reached 1,932,240 thousand US$, indicating that the factors driving the adjustments have become increasingly material to the equity position.

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First Solar Inc., adjusted capitalization table

US$ in thousands

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Current portion of debt	96,238)	—)	3,896)	41,540)	17,510)
Finance lease liabilities, current	51)	—)	—)	—)	—)
Long-term debt, noncurrent portion	464,068)	184,349)	236,005)	237,691)	454,187)
Finance lease liabilities, noncurrent	17,063)	—)	—)	—)	—)
Total reported debt	577,420)	184,349)	239,901)	279,231)	471,697)
Stockholders’ equity	6,687,469)	5,836,055)	5,959,551)	5,520,928)	5,096,767)
Total reported capital	7,264,889)	6,020,404)	6,199,452)	5,800,159)	5,568,464)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Operating lease liabilities, current²	10,307)	9,193)	12,781)	14,006)	11,102)
Add: Operating lease liabilities, noncurrent³	36,662)	40,589)	145,912)	189,034)	112,515)
Adjusted total debt	624,389)	234,131)	398,594)	482,271)	595,314)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	100,048)	49,751)	31,463)	80,428)	124,278)
Add: Allowance for credit losses	1,614)	1,042)	664)	3,009)	1,386)
Add: Deferred revenue	2,005,183)	1,207,940)	297,811)	233,732)	394,655)
Add: Product warranty liability	25,491)	33,787)	52,553)	95,096)	129,797)
Adjusted stockholders’ equity	8,619,709)	7,029,073)	6,279,116)	5,772,337)	5,498,327)
After Adjustment
Adjusted total capital	9,244,098)	7,263,204)	6,677,710)	6,254,608)	6,093,641)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Operating lease liabilities, current. See details »

³ Operating lease liabilities, noncurrent. See details »

⁴ Net deferred tax assets (liabilities). See details »

The capitalization structure between 2019 and 2023 reflects a period of strategic deleveraging followed by a significant increase in liabilities and a consistent expansion of the equity base.

Debt Trajectory: Total reported debt exhibited a consistent decline from 471,697 thousand US dollars in 2019 to a low of 184,349 thousand US dollars in 2022. This downward trend was abruptly reversed in 2023, where reported debt surged to 577,420 thousand US dollars, marking the highest debt level within the five-year period.
Equity Growth: Stockholders' equity demonstrated a general upward trajectory, increasing from 5,096,767 thousand US dollars in 2019 to 6,687,469 thousand US dollars by 2023. Although a marginal contraction was observed in 2022, the overall trend indicates a strengthening of the company's net asset position over the long term.
Analysis of Adjusted Capitalization: A consistent variance is observed between reported and adjusted figures. Adjusted total debt remained higher than reported debt throughout the period, though the gap narrowed by 2022. More significantly, adjusted stockholders' equity grew more aggressively than reported equity, rising from 5,498,327 thousand US dollars in 2019 to 8,619,709 thousand US dollars in 2023, suggesting that adjustments to the capitalization table have increasingly favored equity valuation.
Total Capital Evolution: Adjusted total capital showed steady and uninterrupted growth, climbing from 6,093,641 thousand US dollars in 2019 to 9,244,098 thousand US dollars in 2023. This expansion of the total financing base was driven primarily by the growth in adjusted equity and the sharp increase in debt levels during the final year of the analyzed period.

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First Solar Inc., adjusted net sales

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Net sales	3,318,602)	2,619,319)	2,923,377)	2,711,332)	3,063,117)
Adjustment
Add: Increase (decrease) in deferred revenue	797,243)	910,129)	64,079)	(160,923)	216,886)
After Adjustment
Adjusted net sales	4,115,845)	3,529,448)	2,987,456)	2,550,409)	3,280,003)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

The financial performance from 2019 to 2023 reveals a notable divergence between reported net sales and adjusted net sales. While reported net sales exhibited volatility throughout the period, adjusted net sales demonstrated a consistent growth trajectory following a trough in 2020.

Net Sales Volatility: Reported net sales experienced fluctuations, declining from 3.06 billion in 2019 to 2.71 billion in 2020, followed by a slight recovery in 2021 and a further decline to 2.62 billion in 2022. A significant recovery occurred in 2023, with net sales reaching a five-year peak of 3.32 billion.
Adjusted Net Sales Growth: Adjusted net sales show a stronger and more linear growth pattern from 2020 onwards. After reaching a low of 2.55 billion in 2020, the figures increased annually, reaching 2.99 billion in 2021, 3.53 billion in 2022, and culminating in 4.12 billion in 2023.
Analysis of Adjustments: The variance between net sales and adjusted net sales shifted significantly over the period. In 2019 and 2021, the adjustments were relatively minor. However, a substantial gap emerged in 2022, where adjusted net sales exceeded reported net sales by approximately 910 million. This trend persisted into 2023, with adjusted net sales remaining approximately 797 million higher than reported net sales.

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First Solar Inc., adjusted net income (loss)

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Net income (loss)	830,777)	(44,166)	468,693)	398,355)	(114,933)
Adjustments
Add: Deferred income tax expense (benefit)¹	(13,232)	(6,053)	80,360)	11,538)	(60,411)
Add: Increase (decrease) in allowance for credit losses	572)	378)	(2,345)	1,623)	24)
Add: Increase (decrease) in deferred revenue	797,243)	910,129)	64,079)	(160,923)	216,886)
Add: Increase (decrease) in product warranty liability	(8,296)	(18,766)	(42,543)	(34,701)	(90,895)
Add: Other comprehensive gain (loss)	17,686)	(95,455)	(34,636)	17,608)	(24,868)
After Adjustment
Adjusted net income (loss)	1,624,750)	746,067)	533,608)	233,500)	(74,197)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

¹ Deferred income tax expense (benefit). See details »

A significant divergence is observed between reported net income and adjusted net income over the five-year period ending December 31, 2023. While reported net income exhibits substantial volatility, adjusted net income demonstrates a consistent and accelerating upward trajectory.

Reported Net Income Volatility: Reported figures show instability, transitioning from a net loss of $114.9 million in 2019 to gains in 2020 and 2021, followed by a return to a net loss of $44.2 million in 2022, before recovering to $830.8 million in 2023.
Adjusted Net Income Growth Trend: Adjusted net income reflects a steady growth pattern, moving from a loss of $74.2 million in 2019 to a substantial gain of $1.62 billion by 2023. Unlike the reported figures, the adjusted metric has increased year-over-year without interruption since 2019.
Analysis of 2022 Variance: The most pronounced discrepancy occurred in 2022, where reported net income was a loss of $44.2 million, while adjusted net income was a profit of $746.1 million. This indicates that significant non-recurring expenses or non-cash charges heavily impacted the statutory bottom line while being excluded from the adjusted performance metric.
Scaling of Income Adjustments: The magnitude of adjustments has increased significantly over time. By 2023, the adjusted net income of $1.62 billion was approximately 96% higher than the reported net income of $830.8 million, suggesting that the influence of adjusting items on reported profitability has expanded as the company grew.

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