Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

First Solar Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income (loss)	(44,166)	468,693)	398,355)	(114,933)	144,326)
Depreciation, amortization and accretion	269,724)	259,900)	232,925)	205,475)	130,736)
Impairments and net losses on disposal of long-lived assets	63,338)	22,876)	35,806)	7,577)	8,065)
Share-based compensation	28,656)	20,902)	29,267)	37,429)	34,154)
Deferred income taxes	(12,799)	49,847)	36,013)	(59,917)	(10,112)
Gain on sales of businesses, net	(253,511)	(147,284)	—)	—)	—)
Gains on sales of marketable securities and restricted marketable securities	—)	(11,696)	(15,346)	(40,621)	(55,405)
Liabilities assumed by customers for the sale of systems	(145,281)	(85,490)	(136,745)	(88,050)	(240,865)
Gain on debt forgiveness	(30,201)	—)	—)	—)	—)
Other, net	(1,029)	(3,484)	19,297)	1,962)	(11,365)
Accounts receivable, trade and unbilled	118,724)	(96,951)	345,150)	(73,594)	(202,298)
Inventories	16,693)	(136,365)	(145,396)	(83,528)	(257,229)
Project assets and PV solar power systems	(14,336)	23,402)	106,867)	(20,773)	49,939)
Other assets	(72,602)	(69,942)	(33,065)	(5,800)	(65,408)
Income tax receivable and payable	43,592)	(13,062)	(177,431)	8,035)	(49,169)
Accounts payable and accrued expenses	5,569)	48,968)	(109,583)	—)	—)
Deferred revenue	912,946)	47,062)	(157,284)	—)	—)
Other liabilities	(11,948)	(139,817)	(391,710)	400,939)	197,822)
Changes in operating assets and liabilities	998,638)	(336,705)	(562,452)	225,279)	(326,343)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities	917,535)	(231,134)	(361,235)	289,134)	(471,135)
Net cash provided by (used in) operating activities	873,369)	237,559)	37,120)	174,201)	(326,809)
Purchases of property, plant and equipment	(903,605)	(540,291)	(416,635)	(668,717)	(739,838)
Purchases of marketable securities and restricted marketable securities	(3,375,008)	(2,147,136)	(901,924)	(1,177,336)	(1,369,036)
Proceeds from sales and maturities of marketable securities and restricted marketable securities	2,646,787)	2,294,595)	1,192,832)	1,486,631)	1,135,984)
Proceeds from sales of businesses, net of cash and restricted cash sold	442,302)	300,499)	—)	—)	—)
Proceeds from sales of equity method investments	—)	—)	—)	—)	247,595)
Payments received on notes receivable, affiliates	—)	—)	—)	—)	48,729)
Other investing activities	(3,050)	(6,707)	(5,500)	(2,876)	(6,148)
Net cash used in investing activities	(1,192,574)	(99,040)	(131,227)	(362,298)	(682,714)
Repayment of long-term debt	(75,896)	(72,676)	(225,344)	(30,099)	(18,937)
Proceeds from borrowings under long-term debt, net of discounts and issuance costs	397,380)	129,215)	156,679)	120,132)	290,925)
Payments of tax withholdings for restricted shares	(12,092)	(15,989)	(13,118)	(16,089)	(11,175)
Other financing activities	—)	—)	(804)	999)	(5,585)
Net cash provided by (used in) financing activities	309,392)	40,550)	(82,587)	74,943)	255,228)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	47,438)	3,174)	3,778)	(2,959)	(13,558)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	37,625)	182,243)	(172,916)	(116,113)	(767,853)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of the period	1,455,837)	1,273,594)	1,446,510)	1,562,623)	2,330,476)
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of the period	1,493,462)	1,455,837)	1,273,594)	1,446,510)	1,562,623)

Based on: 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), 10-K (reporting date: 2018-12-31).

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Cash flow statement item	Description	The company
Net cash provided by (used in) operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	First Solar Inc. net cash provided by (used in) operating activities increased from 2020 to 2021 and from 2021 to 2022.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	First Solar Inc. net cash used in investing activities increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	First Solar Inc. net cash provided by (used in) financing activities increased from 2020 to 2021 and from 2021 to 2022.

First Solar Inc. (NASDAQ:FSLR)

Cash Flow Statement